Home » Elon Musk Loses World’s Richest Man Spot After Bitcoin Fall

Elon Musk Loses World’s Richest Man Spot After Bitcoin Fall

by Carolina Lynch
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Elon Musk has lost his spot as the richest man in the world as the stock price of Tesla and Bitcoin have plummeted deeply in the last two days.

It is interesting to note that Elon Musk had played a pivotal role in sending the price of Bitcoin to the moon through his tweets and comments lately.

Elon Musk Net Worth Decreases by 15.2 Billion as Tesla and Bitcoin Prices Fall

The crypto stock markets are currently going through turbulence wherein the price of various digital assets is dipping badly. The market experts have attributed the sudden plunge into crypto stock to the spurt of selling various assets. The share prices of Tesla have gone down by a massive 26% since January.  

On January 26th, Tesla stock was trading at $890. However, it is around $690 currently. On Tuesday itself, Tesla stock price dropped by 13 per cent resulting in a massive blow to Elon Musk’s net worth as well. Recently Tesla invested 1.3 Billion in Bitcoin. Off late Bitcoin price is dipping badly as the sudden sell-off. The markets are currently very volatile, due to which many leading investors have exited the stocks in the near term. As per the estimates, Tesla has around 42000 BTC, and the price of Bitcoin fell after touching the all-time high of $58000 last week. As the price of Tesla stock plummeted badly, Elon Musk’s name was dropped as the richest man in the world and e-commerce Behemoth Jeff Bezos again grabbed the top position.

The stock price of Tesla fell by 8.6 percent and as a result more than $15.2 billion were wiped off from Elon Musk’s net worth. While Jeff Bezos regained his position as the richest man with $186 Billion net worth, Elon Musk slipped to the second spot with $183 billion as his total fortune. Elon Musk had tweeted that the price of Bitcoin and other cryptocurrencies are seemingly too high. Following his tweets, the Crypto markets seemingly began to crash with the price of Bitcoin falling to $47,500 and even reached $45861 for a while on Tuesday, February 23rd. As per the cryptanalysts, market correction was inevitable. However, Bitcoin recuperated a bit after touching lows and is trading at $49,819.10 at 5:49 PM UTC.


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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