Cobble Hill News Entertainment Top World News

Elon Musk’s Tweet Led to a Drop in Shares of Tesla by 8% Making Him the Second Richest Man in the World

Elon Musk’s Tweet Led to a Drop in Shares of Tesla by 8% Making Him the Second Richest Man in the World – Elon Musk has again dropped to being the second richest man in the world as Tesla shares decline consecutively on Tuesday by 8.4%. This is by far the highest drop in the shares this year which was noted in September 2020. Due to this, Elon suffered the loss and fell to the second position in the Bloomberg Billionaire Index. Therefore, Jeff Bezos continues to hold the title of the world’s richest man. The two billionaires often have close competition that results in the two shifting back and forth to first and second positions on the Billionaire Index. Nonetheless, after Elon a tweet about the cryptocurrency Bitcoin, the stocks of Tesla and Bitcoin tumbled.

Why Did Tesla Share Decline?

The answer is it happened after Elon’s tweet on Bitcoin being slightly costly. This statement led to a drop in Tesla and Bitcoin’s shares significantly. The loss of Tesla shares caused Musk’s net worth to reduce by about $15 billion which is certainly a vast amount. His overall net worth is $183 billion although it isn’t enough to beat Jeff whose net worth was $186 billion. This eventually led to Tesla reporting the biggest single-day decline in shares. However, some also say the drop is due to Tesla removing an SUV hard Model Y Standard Range.

Bitcoin Shares Also Drop After Elon’s Tweet

Elon’s tweet describes cryptocurrencies like Bitcoin and Ethereum are high in prices. After this tweet, the biggest cryptocurrency Bitcoin dropped down to 12.5% which was less than $50,000. Further, this caused Bitcoin’s market capitalization to lower to $900,000 billion which previously was $1 trillion at the beginning of February.

Elon Musk’s Tweets Work Tremendously

It seems that whenever Elon tweets, the world truly listens. In fact, it’s seen directly in his shares recording massive jumps. When Elon tweeted about Bitcoin, Etsy and other companies also received a huge surge in their shares. Since Musk has become a popular role model for the young generation to explore and do what suits you best. His influence is quite high amongst youngsters and it’s frequently seen.