Summary List Placement
Elon Musk’s wealth fell by $15 billion after Tesla’s stock dived 9% on Monday.
The slide was partly fueled by Musk’s tweets that bitcoin and Ethereum’s price “do seem high.”
Tesla also announced it would halt new orders for the lowest-priced version of its Model Y SUV.
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Billionaire Elon Musk has yet again slipped to second place on Bloomberg’s index of the world’s richest people after his net worth dropped by $15 billion on Monday.
His wealth fell to $183 billion, allowing outgoing Amazon boss Jeff Bezos to reclaim first place, after Tesla’s shares tumbled 9% on Monday — their biggest one-day decline since late September. The drop was fuelled partly by Musk tweeting over the weekend that bitcoin and Ethereum prices seem high. Bitcoin dropped 11% on Tuesday, to $48,016, in a sign of wariness of its rapid ascent, while Ethereum fell 15% to $1,521.
The electric-vehicle maker’s stock was further undermined by its decision to halt orders for a cheaper version of its Model Y SUV. Tesla has removed the car from its online configurator just a month after launching. It isn’t clear yet whether the decision is temporary, or permanent.
Musk has been pushed to the second spot on the Bloomberg Billionaires Index for a second time this month, but both he and Bezos have been trading places since January on the back of Tesla’s fluctuating share price. Bloomberg now estimates Bezos’ wealth at $186 billion, with Musk $3 billion behind him.
Bezos occupied the top spot for three consecutive years until January, when Musk took over following a near-800% rally in the value of Tesla shares.
On Monday, gold bull and bitcoin cynic Peter Schiff tweeted: “Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying Bitcoin, #Tesla stock entered a bear market, plunging 20% from its all-time high set on Jan. 25th, and 16% since disclosing the #Bitcoin buy. Not an example other CEOs will likely follow!”
But according to crypto expert Paolo Ardoino, CTO at crypto exchange Bitfinex, price fluctuations can be expected in a nascent space. The sharp drop in bitcoin’s price may galvanize the cryptocurrency’s many critics, including those who recently dismissed it as an economic sideshow, he said.
“Such criticism misses the point and the profound impact it is starting to have,” he added. “For many of the battle-tested exchanges that have weathered the market fluctuations, volatility isn’t new and is to be expected in such a young market.”
SEE ALSO: The best time to buy bitcoin was ‘yesterday’ and allocating 4% of a portfolio is a good bet, a chief strategist at CoinShares says
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Source:: Business Insider
Dustin Johnson highlights | Round 3 | Genesis | 2021
In the third round of The Genesis Invitational 2021, Dustin Johnson recorded three birdies against 3 bogeys to remain even through 13 holes before play was suspended due to darkness. Johnson is 7-under-par for the tournament. The PGA TOUR returns to iconic Riviera Country Club for The Genesis Invitational. Tournament host Tiger Woods will be in attendance but won’t play as he is still recovering from a back procedure last month. World No. 1 Dustin Johnson and defending champion Adam Scott are among the headliners. Notables in the invitation-only field include major champions Brooks Koepka, Bryson DeChambeau, Collin Morikawa, Jordan Spieth, and Francesco Molinari, plus world No. 2 Jon Rahm. Two-time FedExCup winner Rory McIlroy looks to finally lift the trophy at Riviera after holding a piece of the lead Sunday a year ago only to fall to T5. In addition to reigning champ Johnson, FedExCup winners in the field include Justin Thomas, Brandt Snedeker, and Jim Furyk. Here you can find everything you need to stay up to date with the world’s foremost golf tour. Check in for highlights from every tournament plus player profiles, swing analysis and all the greatest shots and amazing moments. Teryn Gregson presents the craziest moments from around the world of golf in ‘Good, Bad & Unusual'.