Elon Musk has lost the title of World’s Richest Man after his electric car company recorded a sharp decline in its stock. This happened after the billionaire replied a tweet from an economist/cryptocurrency sceptic. The billionaire in his tweet said that the prices of Bitcoin and Ethereum seemed too high and after that tweet reply, Bitcoin, the world’s most popular crypto currency witnessed a major fall in its price. Jeff Bezos has reclaimed the title of World’s richest man.
This is the second time the billionaire who founded both Tesla and Space X, is losing the World’s Richest Man title. Peter Schiff who is an economist as well as a crypto currency skeptic shared via Twitter that gold was better than both crypto currency and traditional money combined. Analysts say that Elon Musk’s reply to this might have led to the sharp fall of Bitcoin’s prices as the market was already quite unstable. We know that there is both sense and truth in this because everyone knows how influential the billionaire is, especially when it comes to anything related to crypto currency. The billionaire’s tweet went thus, ‘Money is just data that allows us to avoid the inconvenience of barter…’ and went further to add, ‘that being said, BTC and ETH do seem high lol’
Elon Musk lost the title of World’s Richest Man and reclaimed the title on February 19 after his net worth went up to $199.9 billion after Space X brought its funding round to a conclusion. Last week, the price of Bitcoin had shot up to more than $58,000 and many thought it would have reached the $60,000 by Monday this week. Right now, Bitcoin is struggling to get back to $50,000 with the price a little bit above $49,000. This makes it the second time he is losing the title.
Jeff Bezos held the title of the World’s Richest Man for more than three years until last month when Elon Musk took the title from him. The difference between the net worth of the current World’s Richest Man; Jeff Bezos and the former; Elon Musk is about three billion dollars and experts say that Elon Musk can reclaim the title once again before we can snap our fingers or blink an eye, but for now, Jeff Bezos is the World’s Richest Man.