Elon Musk Loses World’s Richest Title as Tesla Stocks and Bitcoin Plunge

Elon Musk has lost his crown as the world’s richest man following a sharp correction in Bitcoin and a slump in his Tesla’s stock.

February 24, 2021 | AtoZ Markets – Tesla CEO Elon Musk has lost his position as the wealthiest person in the world due to a sharp adjustment in Bitcoin and a fall in Tesla’s stock price. Some analysts have pointed out that the fall in Tesla shares was due to the fall in BTC.

Tesla shares hit $6,98, down 21% from the record high of $890 on January 26.

Fox Business quotes Wedbush analyst Daniel Ives as pointing out the relationship between Bitcoin and Tesla’s decline this week. Ives, on the other hand, also believes that Tesla’s Bitcoin purchases are long-term and strategic .

“Investors are beginning to connect Bitcoin and Tesla as a single unit. Tesla has surpassed all EV profits since 2020 and earned about $1 billion in Bitcoin in a month, but recently Bitcoin The plunge and increased volatility have forced some investors to exit in the short term. “

Tesla shares were trading for about $865 when they announced they would buy $1.5 billion worth of Bitcoin. It seems to have bottomed out at $681 on February 23, but reports of quality control issues in China may also be affecting stock prices.

Tesla holds an estimated 48,000 BTC. It is pointed out that Bitcoin is making a profit of up to $1 billion by hitting a record high of $58,000 on February 21st .

Despite the plunge in BTC prices this week, Tesla is still a bit as the BTC price was just over $39,000 when the purchase was announced (and the purchase should have been made before that).

The plunge in Tesla’s stock price has lifted Musk from the top of Bloomberg’s billionaire index. Jeff Bezos has an estimated total wealth of $187 billion and Musk has an estimated total wealth of $180 billion, according to Bloomberg.

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