And here’s the downside for Elon Musk being the most influential person on Twitter. One tweet has the ability to make or break a small fortune.
On Monday, Musk took a financial blow directly to his solar plexus. Tesla stock dropped 8.6%, which erased $15.2 billion from Musk’s net worth, and dropped him to No. 2 on the world’s richest person list.
And if Musk wants to hand out any blame, he can start with the fingers on his hands he uses to type. Part of the reason for the Tesla stock free fall was Musk’s tweets over the weekend regarding cryptocurrency.
Musk said on Twitter that the prices of Bitcoin and the smaller crypto Ether “do seem high.”
This follows the announcement Twitter made earlier in February saying they had recently invested in $1.5 billion worth of Bitcoin.
Another tweet Musk sent out Monday had something to do with the stock price falling. Musk said Tesla’s Model Y Standard Range SUV is something buyers could get “off the menu.”
Kind of a cryptic message for some, but for Tesla followers Bloomberg reports that it validates recent reports from the EV news site called Electrek, which had said the SUV was removed from its online configurator.
So, Wall Street reacted to all of this and punished Tesla with their biggest one day stock price fall since September 23,2020, when it fell 10.34%, and the result is Musk is now worth only $183.4 billion.
Which is an amazing consolation prize for someone who lost over $15 billion in one day at work.