Elon Musk’s Twitter posts keep sending Bitcoin prices tumbling. His own fortune is heading in the same direction.
On Monday, Tesla Inc.’s chief executive officer lost his spot as the world’s second-richest person to LVMH Chairman Bernard Arnault as the electric vehicle-maker’s shares fell 2.2%. That was on top of last week’s slump amid a global rout in technology stocks and fresh signs of trouble in its China business.
Musk, who held the top spot in the Bloomberg Billionaires Index as recently as March, now has a fortune of $160.6 billion, down 24% from its January high.
The drop follows a turbulent period for Musk, who sent Bitcoin tumbling as much as 15% last week after posting a statement on Twitter that Tesla was no longer accepting the digital currency as payment. He also helped to whipsaw Dogecoin prices after tweeting he’s working with developers of the Shiba Inu-themed token to improve transaction efficiencies.
Over the weekend, Musk wreaked havoc again when he seemed to imply that Tesla may sell or has sold its Bitcoin holdings before later clarifying in a tweet Monday that the company had done no such thing.