Elon Musk’s Tweets Cost Him His Own Position As The World’s Richest Person

Elon Musk no more remains the richest person on this planet after his one tweet cost him and his company about billions of dollar. In the tweet, Musk said to have said that the prices of bitcoins and Ether “do seem high”. As a result, we saw Jeff Bezos reclaim his position for being the richest man in the world on the Bloomberg Billionaire Index. The shares of the company tesla declined by 8.6% this Monday which is a great loss for the company considering its big reputation in the market. This decline in shares cost the CEO about 15.2 billion USD. People also say that Tesla has not seen such a steep decline in the shares since September, 2020. The net worth of Elon musk now is about $183.4 billion which was about $210 billion in January. Whereas, on the other side, the Amazon founder Jeff Bezos’ net worth, currently, is 186.3 billion USD. Elon Musk earlier was successful enough in overtaking Jeff Bezos for being the richest person in the world when SpaceX had raised 850 million USD. Before January, Jeff Bezos remained at the top position of the Bloomberg Billionaires Index for three consecutive years.

A few days ago when Elon Musk invested in Bitcoins, he knew what he was getting his company into. The kind of volatility the cryptocurrency (bitcoin) has, itself shows the amount of risk that comes along with the decision of investing in it. So on Monday when the value of the token went down by almost 10%, it must have given us an idea of the risk that it brings to the Tesla company in general. Now we are not saying that Musk’s tweet is the sole reason behind this fall but we also can not disown the fact that there are many investors and potential investors who look forward to his tweets and the CEO of the company should realize the kind of repercussions his tweets might bring to the growth of his company. There were also news that Elon Musk had allegedly decided to take a break from twitter on 2nd of February however, we saw him back on the platform just two days, call it his love for memes, cryptocurrency banter or self promotion. Considering the current situation it would have been a wiser decision if it was implemented successfully.

Now To Give A Little Bit Of Information About Elon Musk

Elon Musk was simply just a Canadian-American engineer born in South Africa. He went for a dual bachelor of science in Economics and science from the University of Pennsylvania. Later on he started pursuing Ph.D. program of Applied Physics from Stanford University. However he had to discontinue as he was interested more in business and entrepreneurship. He started focusing more on his business concerning renewable energy and outer space. He started many small businesses including an online publishing company, with the profits that he earned he started an online bank which was later taken over by Confinity which had set up PayPal, an online payment company. The PayPal company was tremendously successful but however later on in 2002 bought by Ebay leaving Elon musk with a share of almost 165 million dollars. After that, with the profit that he made, Elon launched a company named ‘SpaceX’. SpaceX stands for Space Exploration Technologies Corporation. Space Exploration Technologies Corp. is an American aerospace manufacturer and space transportation services company whose current CEO is Elon musk. The company is based in Hawthorne, California and it was founded in 2002. He introduced Space Exploration Technologies (SpaceX) so as to create more inexpensive rockets. Its first two rockets were the Falcon 1 (initially launched in 2006) and the larger Falcon 9 (initially launched in 2010), which were designed to cost much less than competing rockets. A third rocket, the Falcon Heavy (initially launched in 2018), was designed to carry 53,000 kg to orbit.  Elon Musk contributed about 30 million dollars for the establishment of Tesla and became the Chairman of the company starting 2004. At that time he was one of the highest shareholders of the company PayPal.

About Jeff Bezos And Amazon
Born in 1964, Jeff Bezos is an American Entrepreneur, investor and an industrialist. He is currently the founder and CEO of the world’s leading company Amazon. Amazon is a multinational Ecommerce company, the company also goes by the name of the “everything store”. The company was founded in 1994 and Jeff Bezos owns about 11.1 % stake of it. Amazon generates a very high amount of revenue and is clearly biggest and largest internet based company. Initially, the company started with selling out books but currently it sells almost everything, from books to daily need items, to clothes, to digital items, etc. Amazon.com became operational in the year 2005. Jeff wanted to name the company as “cadabra” coming from abracadabra, however his lawyer advised him to change the name as the magical references that comes with the name can have bizarre repercussions. He even kept the domain name of the company as ‘relentless.com’. As a matter of fact, even today if you still type that domain address, you will be redirected to the amazon website. The name ‘Amazon’ was chosen because it also meant the largest river in the world and Jeff wanted his store to be the largest as well. Also, this was also the philosophy behind why the company, to this day, is called the “everything store”
By 1988, Jeff decided to sell more than just books, therefore the company started selling music and computer games. By 2000, the company started selling electronic items, software, video games, home-improvement items, games, toys and much more. During mid 2000s, the company started its Amazon Web Services (AWS), this made the company a “tech company”. By 2006, Amazon introduced Elastic Compute Cloud (EC2) and Simple Storage Service (S3). This led to an immediate rise in the revenue generation. By 2007, Kindle e-reading was introduced by the Amazon. This being a very successful idea has led the company to expand its horizons in various other sectors as well. Between March and april,2020 the company was said to have hired about 1,75,000 additional workers. He has also found the aerospace manufacturer company ‘Blue Origin’ in the year 2000. He also bought one of the leading newspaper companies ‘The Washington Post’ in the year 2013 for about 250 million USD.