Elon Musk's fortune down 24%, loses 9 Billion in a year; no longer the 2nd richest person

Tesla chief, Elon Musk on Monday, slipped from his spot as world’s second-richest person in Bloomberg Billionaires Index after 24% of his fortune fell down. Musk's shares also fell 2.2% giving position to LVMH Chairman Bernard Arnault. In March 2021, Musk was holding top position in  Bloomberg Billionaires Index. 

Tesla's shares were also leing in last week's slump even though his China business is faced with fresh signs of trouble. Bitcoin investors are in a dilemma due to Elon Musk’s Twitter posts. re is also a descend in Bitcoin prices since Musk's opposition to world's most popular cryptocurrency came to fore.

Last week, Elon Musk h informed about Tesla not accepting digital currency as payment. This resulted in Bitcoin plunging as much as 15%.

However, Elon Musk furr clarified that his company will not be selling company's Bitcoin holdings. He also tweeted mentioning strong hopes for cryptocurrency but has concerns for environment. 

Elon Musk and Bitcoin 

In February, Tesla bought $1.5 billion worth of bitcoin mentioning it can bring more flexibility to enhance returns on cash. At that time, company h said that it will accept payment in Bitcoin. In December 2020, Musk h asked about converting “large transactions” of Tesla’s balance sheet into Bitcoin during a Twitter conversation with Michael Saylor, CEO of MicroStrategy Inc.

In January 20201, Musk ded “#bitcoin” to his Twitter profile page, indicating his enthusiasm for currency and within minutes, Bitcoin jumps as much as 15%, surging above $38,000, as speculations started taking rounds on possible investment by Tesla chief. Musk has also indicated his devotion for Bitcoin February by mentioning that he should have me investments long ago. In July 2020, several Twitter accounts of VIPs were hacked to promote a crypto scam. It is clear that Cryptocurrency markets are highly affected by Elon Musk's tweets.