Dogecoin Supporter Elon Musk Lost His Richest Men Tag

The sharp decline in Dogecoin fan Elon Musk’s net worth was brought on by falling Tesla stock prices and a $44 billion wager on Twitter.

Dogecoin fan Elon Musk has lost his title as the world’s richest person to French fashion mogul Bernard Arnault. At this time, they are each worth $185.4 billion and $185.3 billion, respectively. With a net worth of $134.8 billion, Indian coal tycoon Gautam Adani comes in third. The net worth of Jeff Bezos, the founder of Amazon, is $115 billion. With a net worth of $107 billion, Warren Buffett, the CEO of Berkshire Hathaway and one of the harshest critics of cryptocurrencies, is also among the top five richest people in the world.

Due to Tesla’s stock’s appalling performance, which has seen a year-to-date decline of a staggering 57%, Musk’s net worth has suffered greatly. As of press time, TSLA was down 3.85% as the manufacturer of electric vehicles struggles to meet waning demand.

Along with Tesla, Musk is the CEO of Neuralink, a start-up that is creating ultra-high bandwidth brain-machine interfaces to link the human brain to computers, and rocket company SpaceX.

Billy Markus, the creator of Dogecoin, reported on Twitter that more than a dozen Dogecoin Twitter accounts were shut down over the weekend. However, despite the fact that they were mostly just tweeting DOGE memes.Markus claimed that the following accounts were wrongfully suspended:

 

Within three hours, the tweet received a response from Twitter CEO Elon Musk, who, through a representative, is a member of the five-person advisory team for the Dogecoin Foundation alongside Markus and Vitalik Buterin.

Surprisingly, Elon Musk’s support for Dogecoin wasn’t limited to this one instance over the past weekend. Matt Wallace claims that Elon Musk was seen on Saturday sporting a black Dogecoin t-shirt that featured the DOGE mascot, a Shiba Inu sporting a cowboy.

Elon Musk’s tweet at first had no impact on the Dogecoin (DOGE) price. This is unusual because every time Musk tweets about the meme coin. However, a small or significant rally is usually set off. But after the tweet, nothing happened for an hour.

Within the last couple of hours, this has changed. At one point, the price of DOGE increased to $0.1118, showing a 7.5% increase in just one hour.