As the price of Bitcoin plummeted and Tesla shares fell, Ilan Musk relinquished his place at the top of the world’s richest people to Amazon CEO Jeff Bezos.
to the the report Coin Telegraph: Tesla CEO Elon Musk has lost his position as the richest man in the world after the Bitcoin price reform and the fall of Tesla shares. Some analysts believe that the fall in bitcoin prices and the fall in Tesla shares are linked.
Shares of Tesla (TSLA) fell 21% from their peak on January 26, and the fall in the last two days has accelerated to $ 698. Shares of the electric car maker fell 13.3 percent on Tuesday. This is the worst day for Tesla shares since early September.
Fox Business has linked this week’s fall in Tesla shares to bitcoin, citing remarks by WedBush analyst Dan Ives. The analyst believes that this move is strategic in the long run.
Investors are seeing a close relationship between Bitcoin and Tesla. Although Tesla made about $ 1 billion in bitcoin on paper in one month, more than the company earned in 2020, the depreciation of Bitcoin over the past 48 hours and rising volatility have pushed some investors out. [از بازار] In the near future.
Shares of Tesla traded at about $ 865 on February 8, when the company announced it had bought $ 1.5 billion worth of bitcoins. February 23 fell per share to $ 681, according to Yahoo Finance; However, reports of quality control issues in China may also have affected prices.
Tesla has about 48,000 bitcoins. This means that the unrealized profit was about $ 1 billion by the time Bitcoin reached a record $ 58,000 on February 21st.
Despite falling prices this week, Tesla is still profiting from buying bitcoins; Because when Tesla announced the purchase of Bitcoin, the price of this asset was $ 39,000 and the purchase had been made before.
With the devaluation of Tesla shares, Elon Musk lost his position at the top of the Bloomberg Billion Index. Recent losses are reported at $ 3.56 billion. Jeff Bezos is once again at the top of the list. According to Bloomberg, Bezos’s net worth is estimated at $ 187 billion, and for Elon Musk, it is estimated at $ 180 billion.
At the time of writing, the price of Bitcoin has improved by about 17% to $ 48,000; A $ 10,000 discount in just three days. Markets are accustomed to prices returning to higher levels, such as what happened in mid-January, which led to a 30% improvement in the price of bitcoin.