The world's richest man saw his ranking drop to second. This is linked to some investors pulling out, due to his investment in cryptocurrency.
Tesla Elon Musk loses world richest man position
The founder of Tesla cars has been displaced from the top wealthiest position in the world after a slump in his car shares. Tesla shares have seen a decline of more than 19% since seeing an increase of more than $900 in January. This week alone, the car manufacturer suffered a heavy loss which was linked to Elon's heavy investment in Bitcoin.
Tesla's boss had at the beginning of this year invested close to $2 billion in the cryptocurrency business. This drop-by Elon Musk has allowed Amazon owner Jeff Bezos to climb up the ladder. It has been speculated that the risk of having been linked to a volatile market like the cryptocurrency sector may have irked some of Tesla's investors.
According to a security analyst, Dan Ives '' Many of Musk investors are not comfortable with the bitcoin market and have decided to sell their shares ' Bitcoin value had jumped up in early January with more than 55% reaching a historic value of $50,000.
Bitcoin declines have got many Tesla investors worried
This had made Musk start mining his Dogecoin. However, on Monday, Bitcoin has seen a 15% decline in its value which has shaken some core Tesla's investors, and they have tied Tesla with Bitcoin. Although the Tesla business is not doing bad in its production and sales, many expected a clear separation from a volatile business like that with Tesla.
Now it seems rivals General Motors and Volkswagen will try to catch up with the Car manufacturer in a bid to win back some of their customers. All hope is not lost though, as a surge in Bitcoin will put the mind of other investors to rest.