Musk lost $15 billion from his net worth in a single day after Tesla shares tumbled 8.6% on Monday.
This sharp decline of net worth allowed fellow space-botherer Jeff Bezos to reclaim the crown of world’s richest person, with an absolutely astounding net worth of $186 billion.
Bloomberg attributed some of the losses to Musk’s Twitter activity. The SpaceX founder tweeted on Saturday that the prices of Bitcoin and Ether “do seem high,”.
Two weeks earlier Tesla announced it had snapped up $1.5 billion in Bitcoin. On Monday, Bitcoin plummeted by around 10%, showing the risks of tying Tesla share prices to the value of the volatile token.
Analysts estimate that Tesla made $1 billion in profit on the investment in just over a month, after the cryptocurrency hit a record high of $58,000 over the weekend.