by Rushali 
Youth icon and Tesla’s CEO Elon Musk is no longer the world’s richest man, after a sharp decline in the price of bitcoins which led to a sharp decline in the company’s stock price as well.
Tesla’s stock has corrected around 21% from its high of $890 on January 26. In the past 2 days, it has reached $698. On Feb 23 Tuesday the price of the company declined around 13% which is the highest since September 2020.
Analysts believe that this decline in stock prices was due to its association with bitcoins which has a sharp correction after the weekend’s all-time highs.
Tesla has invested around 48,000 BTC and when the prices of bitcoins touched their all-time high the company’s profits were approx $1 billion. The company is still in profit as when the announcement was made the bitcoin price was around $39000.
The Telsa stock drop has knocked Musk off the top of Bloomberg’s Billionaires Index, with recent losses reported at $3.56 billion. Jeff Bezos has topped the list again with $187 billion of total net worth. While Musk has $180 billion of total net worth.
