Elon Musk loses $15bn in just one day after Bitcoin tweet – live updates

by crypto journalist

Elon Musk is no longer the world’s wealthiest person after shares in Tesla and the value of Bitcoin plummeted, wiping more than $15bn (£10.65bn) off the billionaire’s net worth.

Tesla stock was down 10.3pc at 2.50pm on Tuesday, representing the biggest decline since September. Bitcoin meanwhile had dropped by 11.9pc to $46,689 at the same time.

The losses followed comments from the enigmatic founder who said over the weekend that the prices of Bitcoin and its smaller rival ethereum “seem high”. Musk sent his message via Twitter, two weeks after his electric carmaker announced it had added $1.5bn worth of Bitcoin to its balance sheet.

He has since dropped to second place on Bloomberg’s Billionaire Index, behind Amazon chief executive Jeff Bezos. The Tesla chief’s worth is now estimated at around $183.4bn, down from a January peak of $210bn. The slump in Musk’s worth allowed Bezos to reclaim the top spot, even though his own wealth dipped by $3.7bn to $186.3bn.

The two tech billionaires have been trading places at the top since the turn of the year as Tesla stock fluctuated.

The car manufacturer’s shares had risen as much as 25pc since the start of the year before almost all of its gain was wiped out.

Bezos had held onto the top spot for three straight years before January when Musk’s worth swelled in line with Tesla’s 794pc rally.

Facebook has said it will not be forced into negotiations to pay for news on its site, as it agreed to lift a news blackout in the country.

Facebook said it would be investing in news globally, but would continue to “resist efforts by media conglomerates to advance regulatory frameworks that do not take account of the true value exchange between publishers and platforms like Facebook.” 

This content was originally published here.

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