Bitcoin billionaire review: Elon Musk net worth
The realm of science and technology has been home to many prominent polymaths, with eachindividual contributing to revolutionize its impact on the human world. However, in 2004, the world was introduced to a multipotentialite, when the South African- born American entrepreneur, Elon Musk, teamed up with engineers Martin Eberhard and Marc Tarpenning to run Tesla Motors. He is one of the earliest investors and currently, the Chief Executive Officer of Tesla, the electric car manufacturing firm. Moreover he also runs his private rocket firm SpaceX, makers of spacecraft and launch vehicles. In addition to these, he co-founded neuroscience startup, Neuralink, with the aim to fuse humanity with artificial intelligence in order to help patients with neurological disorders. Before working on these ventures, Elon Musk gained popularity in Silicon Valley as the cofounder of the online payment firm X.com which later became PayPal.
ELON MUSK NET WORTH
Musk’s involvement in Tesla has brought great fortunes to the company. According to Forbes, Tesla’s growth exceeded Facebook and its share’s prices increased eightfold in 2020. According to The Street, Tesla now stands on fifth position for the most valuable company globally having a valuation close to $800 billion. Musk is reported to own about 20% of Tesla, 54% of SpaceX, whose valuation is about $50 billion. Moreover, he holds stakes in The Boring Company and Neuralink as well.
These combined assets made Elon Musk the wealthiest person on Earth as announced by Tesla Daily in January 2021. Musk’s net worth is about $195 billion. With these numbers he already left Jeff Bezos, CEO of Amazon, far behind in the race, who held this position since 2017. According to Celebrity Net Worth, Tesla along with Musk has seen growth spurt in just two years. Tested kick started 2019 with $53 billion and Musk owning $25 billion. Analysts claim that if SpaceX and Tesla continue to grow at this pace, Elon Musk will be on his way to be the first trillionaire.
There is no doubt in the fact that the intellect of Elon Musk has earned him a place amongst those individuals who are thought to be the economy movers. He is considered as a key stimulator of investor’s sentiments around bitcoin. This became crystal clear when a series of tweets from Elon Musk accelerated and to some extent decelerated the growth of Bitcoin.
Elon Musk has around 47 million followers on Twitter. No doubt his tweets get a fair amount of attention. The importance of his opinions for the investors was seen after a series of tweets done my Elon Musk regarding Bitcoin.
In late January 2021, Musk changed his Twitter bio to #bitcoin and unbelievably the price of Bitcoin soared 20% from $32,000 to approximately $38,000 all within few hours.
Another revolutionary tweet from Elon Musk in March 2021 announced that tesla will be accepting bitcoin as payment method for the U.S. citizens. According to various sources, Musk gathered 43,000 bitcoins during January. With this purchase, Tesla made a huge profit of around $1 billion.
Keeping in view the volatile nature of the cryptocurrency it was considered a major step by Tesla. This also occurred to many as a vote of confidence in Bitcoin. The news caused a surge in the price of Bitcoin to 17% and reached $44,220. Tesla also invested heavily in Bitcoin. As announced by Elon Musk, the automaker invested $1.5 billion in Bitcoin. Elon Musk himself owned more than $5 billion in bitcoin, as per the information by former White House Communications Director and global hedge fund SkyBridge Capital’s founder Anthony Scaramucci.
Having said that, critics also suggests that the extreme volatile nature of Bitcoin will cause fluctuations in the price of tesla cars. The price of a car might change minute by minute depending on the price of Bitcoin.
Elon Musk’s tweets not only posed a positive impact on the Bitcoin but also resulted in a deceleration of about 10% following his tweet that the BTC and ETH price seem too high.
After his tweet on February 20th, Bitcoin slid to a price of $51,993 on February 22nd 2021 as reported by Coin Metrics. At one instance bitcoin dropped below $50,000 to settle at $47,000.
Another example to quote is from December 2020 tweet where Elan tweeted, “Bitcoin is my safe world” and “Bitcoin is almost as BS as fiat money”. These tweets resulted in a decline of almost 17% in the price of Bitcoin.
THE GAME CHANGER
Some analyst considers Tesla’s investment in the Bitcoin as a huge game changer. “There will be an acceleration of companies looking to allocate to Bitcoin now that Tesla has made the first move,” quoted Eric Turner, vice-president of market intelligence at cryptocurrency research firm Messari.
On the contrary Neil Wilson, chief market analyst for Markets.com, seemed concern since Bitcoin has a proven track record of being “a very volatile currency”
“Tesla is now starting to take on big [foreign exchange] risk – this may not worry a lot of investors, but some conservative types might be concerned,” he quoted.
To sum things up, Elon Musk has taken a very bold step towards diversifying Tesla’s assets in the form of Bitcoin. His past tweets clearly depicts that he was not an advocate of investing in Bitcoin. The sudden changes of plans are astonishing. On the other hand, Tesla adopting Bitcoin as a payment method will encourage more companies to join the clan. This will promote the acceptance of Bitcoin as the mainstream currency for future daily transactions.
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