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Elon Musk no more world’s richest person

Elon Musk has lost his title as the world's richest person after his electric vehicle company Tesla, which is the main driver of his wealth, witnessed a slide in shares.

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3 years ago

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Elon Musk no more world’s richest person
Elon Musk no more world’s richest person

Tesla shares have dropped more than 20% after hitting a record high of $880 in early January.

The loss is attributed to firm’s $1.5bn (£1bn) investment in Bitcoin.

With the fall in Tesla’s shares, Amazon CEO Jeff Bezos returned to top spot on the rich list.

Reportedly, the risk of being associated with Bitcoin, which has seen a downward trend in recent days, may have urged some Tesla investors to sell their shares, even if the firm has not been affected by the declines.

Bitcoin's value increased nearly by 50% in the weeks after Tesla revealed it had purchased $1.5bn of currency and planned to accept it as payment.

After reaching above $57,000, the cryptocurrency suddenly dropped nearly 20%. It was trading at less than $48,000 on Tuesday - still higher than when Tesla disclosed its bet.

 

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