Elon Musk shattered after Tesla’s shares witness loss of $27 billion

Arhama Altaf

06th Mar, 2021. 10:15 pm
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Tesla’s CEO Elon Musk, who had led Bitcoin’s price to soar by $1.5 billion, has witnessed a major loss after the shares of the automaker fall suddenly.

Since Monday, Elon Musk has lost a whopping amount of $27 billion, resulting in a historic loss after Tesla’s shares collapsed. However, his $156.9 billion net worth still ranks Musk at number 2 among the Billionaires.

According to reports, Jeff Bezos, the Chief Executive (CEO) of Amazon, has defeated Elon Musk as he topped as the world’s richest man.

Musk had previously ranked among the world’s 500 richest people and also left Bezos to fall with a remarkable gain of $210 billion in January 2020.

Investment In Bitcoin

Earlier, the cryptocurrency Bitcoin had broken a new record as its value has crossed $50,000. It hit a new high, surpassing $58,000. It continues to grow this year.

Since the beginning of January, Bitcoin’s value has increased by more than 90% and its total market value has reached one trillion dollars.

The reason for the recent rise in price is the acceptance of payments in this currency by Tesla and other major companies.

However, bitcoin had seen sharp fluctuations in prices since its introduction in 2009.

Bitcoin started the year with about 28,900. Then in January alone, its value exceeded 40,000 US dollars. But then at the end of January, it started to decline and at the end of the month, its price dropped to 30 thousand US dollars.

It picked up again and on February 16 it crossed the 50,000 marks and had continued to grow at a record high of $58,000.

Tesla’s Elon Musk revealed that his electric car maker had bought $1.5 billion worth of bitcoins and would use the currency as a payment to buy cars.

Elon Musk shattered after Tesla’s shares witness loss of $27 billion

Arhama Altaf

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