After an ill-received tweet, Elon Musk dropped to a humbling second place on Bloomberg’s Billionaire Index just behind Jeff Bezos. This drop hit Tesla hardest, wiping an estimated €12.4bn off Musk’s fortune and leaving him at a total net worth of €150bn.
An email saying you have gold is not the same as having gold. You might as well have crypto.
Money is just data that allows us to avoid the inconvenience of barter.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
— Elon Musk (@elonmusk) February 20, 2021
The 49-year-old billionaire is an avid tweeter. His feed varies from updates about his SpaceX company to memes as well as pictures of little X Æ A-12. However, his recent tweets about Bitcoin are sending out mixed signals about his standing on the cryptocurrency…
Earlier this year, Musk had been fully supportive of the cryptocurrency, praising its potential and directly contributing to its rise in value as well. At one point he even added #bitcoin to his Twitter bio and just last week Tesla bought €1.23bn of bitcoin.
Frodo was the underdoge,
All thought he would fail,
Himself most of all. pic.twitter.com/zGxJFDzzrM
— Elon Musk (@elonmusk) February 11, 2021
However, just last week, the Tesla CEO shifted gears and tweeted out that bitcoin is “BS”. This tweet apparently was partly responsible for sinking Tesla’s value, resulting in the biggest one-day decline since September 2020.
There will definitely be a MarsCoin!
— Elon Musk (@elonmusk) February 16, 2021
Earlier this month, Musk even helped skyrocket the value of DogeCoin, a cryptocurrency that started out as a meme. He even joked about starting a new currency called “MarsCoin”, related to SpaceX’s Mars Program. That said, this setback will probably not hold the billionaire back from tweeting what he likes in the future, especially when it comes to cryptocurrency.