Elon Musk is no longer the richest person in the world after Tesla Inc. shares fell 8.6% on Monday, wiping $ 15.2 billion from his net worth.
Tesla’s biggest drop since September was fueled in part by Musk’s comments over the weekend that Bitcoin and little rival Ether prices “appear high.” His post – via his favorite medium of Twitter – came two weeks after Tesla announced that it had added $ 1.5 billion in Bitcoin to its balance sheet. The cryptocurrency, which has jumped over 400% in the past year, fell for a second day on Tuesday, at one point slipping below $ 50,000 due to skepticism about the sustainability of its rally.
Musk also tweeted earlier Monday that the company’s standard Model Y line-up SUV would still be available “on the menu,” confirming reports from electric vehicle news site Electrek that the model had been removed from its list. online configurator.
Musk falls to second in the Bloomberg Billionaires Index of the World’s 500 Richest People with a net worth of $ 183.4 billion – from a high of $ 210 billion in January. Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell from $ 3.7 billion to $ 186.3 billion on Monday.
The two billionaires have been switching places since January as Tesla’s value fluctuated. The stock jumped 25% to start 2021 before erasing almost all of this year’s gain. Musk briefly overtook Bezos after his rocket company SpaceX raised $ 850 million earlier this month, valuing the company at $ 74 billion, a 60% jump from August.
Bezos held the top spot for three consecutive years before January, when Musk eclipsed the e-commerce titan with a 794% rally in Tesla shares.
The market liquidation on Monday hit many of the world’s ultra-rich. Zhong Shanshan, Asia’s richest person, was the second biggest decline in the Bloomberg Index, falling $ 5.1 billion as his bottled water company fell 4.5%. Colin Huang of Pinduoduo Inc., Mukesh Ambani of Reliance Industries Ltd. and Pony Ma of Tencent Holdings Ltd. all lost over $ 2.5 billion each.
(Except for the title, this story was not edited by The Bharat Express News staff and is posted Platforms.)