Elon Musk is no longer the richest man in the world, falling back to 2nd place just after Amazon’s Jeff Bezos.
The iconic Tesla and SpaceX founder lost $15 billion in net-worth after the price of Bitcoin fell significantly this week.
Bitcoin’s price fell sharply right after Musk posted a tweet on how the cryptocurrency’s price was “quite high”, or rather “That said, BTC & ETH do seem high lol”, in his own words.
Musk’s tweet came two weeks after Tesla announced it has bought $1.5 billion worth of Bitcoin.
From that incident, Tesla witnessed its biggest one-day decline in market value since September 2020.
Despite his net-worth falling, Musk’s wealth has increased by $13.6 billion year-to-date, crossing $183.4 billion.
Analysts also predict that Bitcoin’s price may correct itself in the coming months due to institutional buying, eventually surpassing its peak price of $50,000 once more.