Elon Musk is no longer the richest person in the world after Tesla shares tumbled 8.6% on Monday, wiping $ 15.2 billion from his net worth.
According to Bloomberg News, the drop is the largest for Tesla since September, and was partly driven by Musk’s comments over the weekend that Bitcoin and its smaller rival Ethereum appeared to be already high.
Musk made the comments on his Twitter account, two weeks after Tesla announced a $ 1.5 billion investment in Bitcoin.
His message, via his favorite Twitter, came two weeks after Tesla announced that it had added $ 1.5 billion of Bitcoin to its balance sheet.
Bitcoin plunged 17 percent on Tuesday, sparking a sell-off across various cryptocurrency markets as investors grew anxious about skyrocketing valuations as dealers who were large centers sold the currency to reap profits.
The world’s largest cryptocurrency incurred its steepest daily decline in a month, dropping to a low of $ 45,000. Bitcoin was down 11.3 percent in recent trading at 0939 GMT.
Musk fell to second place on the Bloomberg Billionaires Index of the 500 Richest People in the World, with a net worth of $ 183.4 billion, down from a peak of $ 210 billion in January.
Amazon founder Jeff Bezos regained first place in the Bloomberg index even as his fortune dropped $ 3.7 billion to $ 186.3 billion on Monday.
Musk and Bezos swapped the top of the billionaires this year, as Tesla’s value fluctuated, and Musk briefly outperformed Bezos after his rocket company, SpaceX, raised $ 850 million earlier this month, valuing the company at $ 74 billion, a 60% increase from August. .
Bezos finished first in the ranking for three years in a row before January, when Musk overtook the e-commerce giant thanks to a 794% rise in Tesla shares.