{"id":470106,"date":"2021-02-23T07:12:37","date_gmt":"2021-02-23T05:12:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=470106"},"modified":"2021-02-23T07:12:37","modified_gmt":"2021-02-23T05:12:37","slug":"musk-loses-15-billion-in-a-day-after-bitcoin-warning","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/470106\/musk-loses-15-billion-in-a-day-after-bitcoin-warning\/","title":{"rendered":"Musk loses $15 billion in a day after Bitcoin warning"},"content":{"rendered":"

Elon Musk is no longer the world\u2019s richest person after Tesla Inc shares slid 8.6% on Monday, wiping $15.2 billion from his net worth.<\/p>\n

Tesla\u2019s biggest decline since September was fueled in part by Musk\u2019s comments over the weekend that the prices of Bitcoin and smaller rival Ether \u201cdo seem high.\u201d His message – via his favored medium of Twitter – came two weeks after Tesla announced it added $1.5 billion in Bitcoin to its balance sheet.<\/p>\n

Musk also tweeted earlier Monday that the company\u2019s Model Y Standard Range SUV would still be available \u201coff the menu,\u201d backing up reports from electric vehicle news site Electrek that the model had been removed from its online configurator.<\/p>\n

Musk drops to second on the Bloomberg Billionaires Index of the world\u2019s 500 richest people with a net worth of $183.4 billion – down from a peak of $210 billion in January.<\/p>\n

\"\"<\/a><\/p>\n

Amazon.com Inc founder Jeff Bezos reclaimed the top spot even as his fortune fell by $3.7 billion to $186.3 billion Monday.<\/p>\n

The two billionaires have been swapping places since January as the value of Tesla fluctuated. The stock surged as much as 25% to start 2021 before wiping off almost all of this year\u2019s gain.<\/p>\n

Musk briefly overtook Bezos after his rocket company SpaceX raised $850 million earlier this month, valuing the company at $74 billion, a 60% jump from August.<\/p>\n

Bezos occupied the top spot on the ranking for three straight years prior to January, when Musk eclipsed the e-commerce titan thanks to a 794% rally in Tesla shares.<\/p>\n

The market selloff on Monday hit many of the world\u2019s ultra-rich. Zhong Shanshan, Asia\u2019s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5.1 billion as his bottled-water company fell 4.5%.<\/p>\n

Colin Huang of Pinduoduo Inc, Reliance Industries Ltd\u2019s Mukesh Ambani and Tencent Holdings Ltd\u2019s Pony Ma all lost more than $2.5 billion each.<\/p>\n

\n

Read: Musk defends Tesla Bitcoin move, says token less dumb than cash<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Elon Musk is no longer the world\u2019s richest person after Tesla Inc shares slid 8.6% on Monday, wiping $15.2 billion from his net worth.<\/p>\n","protected":false},"author":59,"featured_media":72680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[26,6118],"class_list":["post-470106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-headline","tag-tesla"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/470106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=470106"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/470106\/revisions"}],"predecessor-version":[{"id":470114,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/470106\/revisions\/470114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/72680"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=470106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=470106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=470106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}