The list revealed that Musk’s fortune decreased by 8%, and was replaced by Bernard Arnault, owner of Louis Vuitton Group specializing in fashion, with a fortune estimated at 152 billion dollars, according to the “Forbes” index of the richest in the world.
The Canadian billionaire suffered this decline as a result of the selling of the digital currency “Bitcoin” over the past sessions and the fluctuations in the currency in the recent period, which prompted some investors to abandon their shares in Tesla in the near term. ”
Tesla’s share price drop in the past month is partly due to its $ 1.5 billion investment in the volatile digital currency but it is still the world’s most valuable bitcoin.
Analysts explained that many investors have sold their shares in the company after the decline in the value of “Bitcoin” earlier this week, at a time when investors are tying the fate of the two companies, “Bitcoin” and Tesla “to each other at the present time.
Tesla electric car manufacturer shares declined during Friday’s session, prompting the Nasdaq Composite Index to record losses close to 1%, driven by downward pressure due to the rise in US Treasury yields to their highest level in a year, amid expectations of an acceleration in inflation as the economy recovers.
Tesla’s share fell by 10% during today’s trading, by $ 60, to trade at $ 540 per share.
Analysts believe that the market value of the electric car manufacturer is exaggerated, as the market value exceeds the value of the 9 largest car manufacturers combined, so many expect a correction of the stock in the market.
In today’s trading, the Dow Jones rose by 70 points, by 0.2%, the S&P 500 index fell by 0.7%, and the Nasdaq composite index fell by 2.1%.
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