Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his net worth. Last week, Bitcoin prices had reached an all-time high at $55.155 after several corporate giants had embraced the digital unit with the entire market worth at $1.015 trillion.
The cryptocurrency, which has surged more than 400% over the past year, tumbled for a second day on Tuesday, at one point slipping below $50,000 on skepticism over the durability of its rally. Tesla shares also continued their slide in early trading in New York, falling 5.2% to $677.50 at 8:09 a.m.
Musk’s sought after car company Tesla had earlier unveiled plans to accept cryptocurrency from customers buying its vehicles. Just 12 years old, bitcoin has rocketed since last March when it stood at $5,000.
Musk drops to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of $183.4 billion — down from a peak of $210 billion in January. Amazon.com Inc. founder Jeff Bezos reclaimed the top spot even as his fortune fell by $3.7 billion to $186.3 billion Monday.
The two billionaires have been swapping places since January as the value of Tesla fluctuated. The stock surged as much as 25% to start 2021 before wiping off 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