Elon Musk lost $ 15.2 billion after Tesla shares fell on Monday, making him the world’s second richest man.
Tesla, which has seen its biggest decline since September, had previously added $ 1.5 billion worth of Bitcoin to its balance sheet. Analysts estimate that the decline was due to Musk’s claim that Bitcoin and Ethereum outperformed weekend values.
Shares of Tesla fell 8.55 percent on Monday, according to CNBC. Thus, the biggest decline was seen since September 23, 2020, when there was a loss of 10.34 percent.
In a tweet on Monday, Musk said the company’s Model Y SUV had been thrown off the shelves.
Elon Musk left Jeff Bezos number one on the Bloomberg Billionaires Index after shares fell. The two billionaires took their first seats from each other and have been giving back since January. Until January, Jeff Bezos held the championship for 3 years in a row.
The 10 percent decline in Bitcoin yesterday is expected to be effective in the decline of Tesla shares.
Wedbush Securities analyst Daniel Ives said over the weekend that the company’s return on Bitcoin investment for 2020 was more than selling an electric vehicle.
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