Elon Musk loses $ 30 billion in less than 24 hours

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Elon Musk, CEO of Tesla and SpaceX, is no longer the richest man in the world. In less than 24 hours, the entrepreneur lost about $ 30 billion of his net worth.

Musk’s fortune is now worth $ 183 billion, placing him second on the list of the world’s richest people. Jeff Bezos, founder of Amazon, again takes the top spot with a net worth of $ 186 billion.

The fall of Tesla’s stock is why Musk lost so much money quickly. Earlier this week, they fell almost 13% on Tuesday morning (23) after closing with an 8.5% drop on Monday (22).

This was the biggest blow the automaker has suffered since the fall of more than 10% in September 2020. For analysts, the current low is linked to the brand’s recent investment in the purchase of $ 1.5 billion in Bitcoin.

Although Musk is optimistic about the cryptocurrency, Tesla’s shares are now increasingly related to the success or failure of Bitcoin. As a result, stock volatility has increased.

“Musk is now linked to the history of Bitcoin in the eyes of Wall Street. Although Tesla made a profit of $ 1 billion in its first month from digital gold, it carries an additional risk, ”comments Daniel Ives, an analyst at Wedbush Securities.

Musk’s influence

Musk has a disproportionate influence on the stock market, as his tweets can impact the mass purchase or sale of papers. Therefore, analysts see the entrepreneur’s stance as also one of the factors for the fall of Bitcoin.

Last Tuesday, the cryptocurrency had a sharp drop of 20% in just one day. Thus, it reached a historic devaluation of US $ 100 billion.

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