Tesla and SpaceX Chief Executive Officer (CEO) Elon Musk became the world’s second-richest person after losing more than US$15 billion in a day as the price of Bitcoin shares dropped, wiping US$15.2 billion from his net worth.
Amazon Founder, Jeff Bezos reclaimed the top spot of the richest people in the world with his fortune at US$ 186.3 billion.
As the value of Tesla fluctuated, the two billionaires have been swapping places since January.
Musk overtook Bezos after his rocket company SpaceX raised $850 million earlier this month, valuing the company at $74 billion, a 60% jump from August.
Congratulations & thank you to @elonmusk & @Tesla on adding #Bitcoin to their balance sheet. The entire world will benefit from this leadership.https://t.co/FVTepBqAI2
— Michael Saylor (@michael_saylor) February 8, 2021
According to foreign media reports, the assets of Bill Gates, Bernard Arnold, Mark Zuckerberg, Zhong Shanshan, Colin Huang, Mukesh Ambani, and Jack Ma have also declined.
In previous years, the shares of cryptocurrency had increased by 400%. However, the bitcoin lost its value and fell below $50,000.
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Financial Commentator, Peter Schiff also quoted the decision by Musk of spending US$1.5 billion to buy Bitcoin is not advisable for other CEOs.
Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying Bitcoin, #Tesla stock entered a bear market, plunging 20% from its all-time high set on Jan. 25th, and 16% since disclosing the #Bitcoin buy. Not an example other CEOs will likely follow!
— Peter 🍆 Schiff (@PeterSchiff) February 22, 2021
Moreover, Musk confirmed in a tweet on Monday that Tesla’s ‘Y Standard Range SUV’ would still be available “off the menu” as the rumors were cleared about removing the model from its online configurator.