Elon Musk loses second richest man title thanks to Bitcoin tweet

May 19, 2021: A tweet snatched the title of the world’s second-richest man from Elon Musk, CEO of SpaceX and Tesla.

BaaghiTV: Elon Musk, who became the world’s second-richest man in March this year, lost this honor due to his tweets. According to Bloomberg, Elon Musk’s recent tweets about not receiving bitcoins for payments have led to a decline in bitcoin prices as well as a decline in his wealth.

 

In March of this year, Elon Musk was listed in the Bloomberg Billionaire Index as the second richest person in the world. His fortune was estimated at $160.60 billion in March but has now been replaced by Bernard Arnold, chairman of electric car maker LVMH.

According to the Bloomberg Wealth Index, which tracks billionaire Americans, Elon Musk’s fortune has fallen by as much as $9.1 billion. Arnold’s fortune has risen by $47billion to $161.2 billion. It should be noted that on May 13, Tesla had issued a statement on Twitter according to which Tesla had announced that it would not accept digital currency for payments.

Elon Musk announced on his Twitter account that due to environmental concerns, we have stopped accepting bitcoins for payments and now users cannot buy Tesla with the help of bitcoins.

In his Tweet, Musk expresses concerns about an increase in the use of fossil fuels in bitcoin mining, saying that while cryptocurrency is good in theory, it shouldn’t be adopted at a cost to the environment. He also added that Tesla will not be selling any Bitcoin and will only use them when mining shifts to more sustainable alternatives.

Since this tweet by Elon Musk, Bitcoin’s price has fallen by 15%, while its share prices have also fallen.

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