Elon Musk is no longer the richest person in the world after Tesla Inc shares plunged 8.6% on Monday, wiping $ 15.2 billion from his net worth.
Tesla’s biggest drop since September was partly driven by Musk’s comments over the weekend that prices for Bitcoin and its smaller competitor Ether “look high”.
His message – via his favorite medium on Twitter – came two weeks after Tesla announced that it had added $ 1.5 billion of Bitcoin to its balance sheet.
The cryptocurrency, which has jumped more than 400% over the past year, slid for a second day on Tuesday, one point below $ 50,000 amid doubts about the durability of its rally.
Musk also tweeted earlier on Monday that the company’s Y Standard Range SUV would still be available “off the list”, supporting reports from Electrek’s news site that the model has been removed from its online component.
Musk slipped to second place on the Bloomberg Billionaires Index of the 500 Richest People in the World with a net worth of $ 183.4 billion – down from a peak of $ 210 billion in January.
Jeff Bezos, founder of Amazon.com Inc, took first place even as his fortune dropped $ 3.7 billion to $ 186.3 billion on Monday.
Billionaires have been swapping places since January as Tesla’s value swings. The stock is up 25% to start 2021 before erasing nearly all of this year’s gains.
Musk briefly outdid Bezos after his rocket company SpaceX raised $ 850 million earlier this month, valuing the company at $ 74 billion, up 60% from August.
Bezos held first place in the ranking for three years in a row before January, when Musk overtook the e-commerce giant thanks to a 794% rise in Tesla shares.
The sell-off in the market on Monday affected many of the world’s rich. Zhong Shanshan, the richest person in Asia, was the second biggest loser on the Bloomberg Index, down $ 5.1 billion as the bottled water company slipped 4.5%.
Pinduoduo Inc’s Colin Huang, Mukesh Ambani of Reliance Industries Ltd and Pony Ma of Tencent Holdings Ltd lost over $ 2.5 billion each.