Elon Musk is no longer the richest person in the world after Tesla Inc. shares fell 8.6% on Monday and wiped $ 15.2 billion off his net worth.
Tesla’s biggest drop since September was fueled in part by Musk’s comments over the weekend that prices for Bitcoin and smaller rival Ether “appear high”. His message – via his preferred medium, Twitter – came two weeks after Tesla announced it would add $ 1.5 billion in Bitcoin to its balance sheet. The cryptocurrency, which rose more than 400% over the past year, fell for a second day on Tuesday and fell to a point below $ 50,000 due to skepticism about the durability of its rally.
Musk tweeted earlier Monday that the company’s Y Standard Range SUV would continue to be available “off the menu,” confirming reports from the electric vehicle news website Electrek that the model has been removed from its online configurator.
Musk falls to second place on the Bloomberg Billionaires Index of the 500 richest people in the world with a net worth of $ 183.4 billion – after a high of $ 210 billion in January. Jeff Bezos, founder of Amazon.com Inc., regained the top spot despite his net worth falling $ 3.7 billion to $ 186.3 billion on Monday.
The two billionaires have been swapping places since January as Tesla’s value fluctuated. The stock surged up to 25% through 2021 before wiping off almost all of this year’s earnings. Musk briefly overtook Bezos after his rocket company SpaceX raised $ 850 million earlier this month and valued the company at $ 74 billion, a 60% jump from August.
Bezos topped the rankings for three years prior to January when Musk dwarfed the e-commerce titan thanks to a 794% rally in Tesla shares.
The market sell-off on Monday hit many of the ultra-rich in the world. Asia’s richest person, Zhong Shanshan, was the second largest drop on the Bloomberg Index, falling $ 5.1 billion as his bottled water company fell 4.5%. Colin Huang from Pinduoduo Inc., Mukesh Ambani from Reliance Industries Ltd. and Pony Ma from Tencent Holdings Ltd. lost more than $ 2.5 billion each.
(Except for the headline, this story was not edited by GossipMantri staff and published from a syndicated feed.)