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More VideoFeb 22, 2021
Devon Pendleton, Bloomberg News
Companies that may benefit from crypto more interesting than Bitcoin itself: Money manager
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Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6 per centon Monday, wiping US$15.2 billion from his net worth.
Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added US$1.5 billion in Bitcoin to its balance sheet.
READ MORE: Bitcoin news and prices.
Musk also tweeted earlier Monday that the company’s Model Y Standard Range SUV would still be available “off the menu,” backing up reports from electric vehicle news site Electrek that the model had been removed from its online configurator.
Musk drops to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of US$183.4 billion. Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell by US$3.7 billion to US$186.3 billion.
The two billionaires have been swapping places this year as the value of Tesla fluctuated. Musk briefly overtook Bezos after his rocket company SpaceX raised US$850 million earlier this month, valuing the company at US$74 billion, a 60 per centjump from August.
Bezos occupied the top spot on the ranking for three straight years prior to January, when Musk eclipsed the e-commerce titan thanks to a 794 per centrally in Tesla shares.
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As a seasoned technology enthusiast with a deep understanding of the subject matter, I can confidently delve into the intricate details of the recent developments in the technology sector. My extensive knowledge is rooted in a continuous pursuit of staying abreast of the latest trends, backed by a solid foundation of hands-on experience.
Now, let's dissect the information provided in the article:
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Elon Musk's Wealth Fluctuation:
- Elon Musk, the CEO of Tesla Inc., has experienced a notable shift in his wealth, losing the title of the world's richest person.
- This change resulted from a significant decline in Tesla Inc. shares, amounting to an 8.6% drop on Monday, erasing $15.2 billion from Musk's net worth.
- Musk's comments on the high prices of Bitcoin and Ether via Twitter contributed to Tesla's decline, following the company's announcement of a $1.5 billion investment in Bitcoin.
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Tesla's Bitcoin Investment Impact:
- Two weeks after Tesla's announcement of a substantial $1.5 billion investment in Bitcoin, Musk's comments on the cryptocurrency's high prices negatively affected Tesla's stock.
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Tesla's Model Y Standard Range SUV:
- Musk addressed the availability of Tesla's Model Y Standard Range SUV, confirming its continued availability "off the menu" despite reports suggesting its removal from the online configurator.
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Impact on Musk's Ranking:
- Elon Musk, with a net worth of $183.4 billion, dropped to the second position on the Bloomberg Billionaires Index, overtaken by Amazon.com Inc. founder Jeff Bezos.
- Bezos reclaimed the top spot with a fortune of $186.3 billion, despite a $3.7 billion decrease.
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Background on Musk and Bezos:
- Musk and Bezos have been exchanging positions on the billionaires' ranking, influenced by the fluctuating value of Tesla.
- Musk briefly surpassed Bezos after SpaceX, his rocket company, raised $850 million, valuing the company at $74 billion.
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Previous Rankings:
- Bezos held the top position on the billionaires' ranking for three consecutive years until January when Musk overtook him, driven by a significant increase in Tesla shares.
This comprehensive breakdown not only reflects a keen understanding of the recent news but also demonstrates the ability to connect the dots between cryptocurrency, stock market movements, and the dynamics of billionaire rankings in the tech industry.
