Elon Musk is no longer the richest person in the world after Tesla Inc., which slipped 8.6% on Monday to $ 15.2 billion from his total assets.
Tesla’s biggest drop since September came in part from Musk’s comments that bitcoin and smaller rival Ether prices “seem to be higher.” His message – via his favorite medium of Twitter – two weeks after Tesla announced it, adding $ 1.5 billion in bitcoin to its balance sheet. The cryptocurrency, which has grown more than 400% over the previous year, fell for a second day on Tuesday, at one point doubting the sustainability of its rally slipped below $ 50,000.
Musk also tweeted earlier on Monday that the company’s Model Y Standard Range SUV would still be available “off the menu”, backing reports from electric vehicle news site Electrec that the model had been removed from its online configuration.
Musk ranks second on the Bloomberg Billionaires Index of the 500 richest people in the world with assets of $ 183.4 billion – down from a peak of $ 210 billion in January. Amazon.com Inc. founder Jeff Bezos also reclaimed his top run on Monday, as his fortune fell to $ 3.7 billion to $ 186.3 billion.
Two billionaires have been exchanging locations since January due to Tesla’s price fluctuations. The stock rose as much as 25% to start 2021 before wiping out almost all of this year’s profit. Musk overtook Bezos after his rocket company SpaceX raised $ 850 million earlier this month, a 60% jump since August with the company valuing it at $ 74 billion.
Bezos held the top spot on the rankings for three straight years before January, when Musk gave the e-commerce titan a 794% rally in Tesla shares thanks to the rally.
Market selling left many of the world’s wealthiest behind on Monday. Zhen Shanshan, Asia’s wealthiest man, was the second-biggest adjudicator on the Bloomberg index, with his bottled water company losing $ 4.5 billion. Mukesh Ambani of Reliance Industries Ltd and Colin Huang of Pony Ma of Tencent Holdings Ltd all suffered losses of over $ 2.5 billion.
(Except for the headline, this story has not been edited by NB staff and published from a syndicated feed.)