Tesla Inc (NASDAQ: TSLA) CEO Elon Musk is no longer the richest person in the world, according to the Bloomberg Billionaires Index.
What happened: Musk was replaced by Amazon.com, Inc. (NASDAQ: AMZN) CEO Jeff Bezos as the richest person on the list after Tesla shares fell 8.6% on Monday, eroding $ 15.2 billion of his net worth. according to Bloomberg.
A tweet from Musk over the weekend that referred to the high valuation of Bitcoin (BTC) and Ethereum (ETH) drove the decline in entrepreneur wealth.
Musk falls to second place on the Bloomberg Billionaires Index with a net worth of $ 183.4 billion, while Bezos has a net worth of $ 186.3 billion.
Because it is important: This month, Tesla invested .5 billion in Bitcoin and said it hopes to accept the cryptocurrency as a means of payment in the near future.
Tesla’s investment of $ 1.5 billion in BTC is worth almost .5 billion, a gain of almost 70%, at the price of BTC at press time of $ 52,040.21.
Market strategist Peter Schiff, a well-known gold bug and critic of Bitcoin, commented on the drop in Tesla’s share prices following the company’s BTC purchase.
Two weeks later @Elon Musk announced that it spent $ 1.5 billion of shareholders money buying Bitcoin, #Tesla The shares entered a bear market, falling 20% from their all-time high set on January 25, and 16% since the release was revealed. #Bitcoin purchase. Not an example other CEOs are likely to follow!
– Peter Schiff (@PeterSchiff) February 22, 2021
Musk and Bezos have traded places as the richest people in the world since January 2021.
Price action: Shares of Tesla closed nearly 8.5% lower at $ 714.50 on Monday and fell nearly 0.5% in the after-hours session. On the same day, Amazon shares closed 2.13% lower at $ 3,180.74.
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Photo courtesy: Forbes via Wikimedia.
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