Elon Musk has lost his title as the world's richest person after his electric vehicle company Tesla, which is the main driver of his wealth, witnessed a slide in shares.
Tesla shares have dropped more than 20% after hitting a record high of $880 in early January.
The loss is attributed to firm’s $1.5bn (£1bn) investment in Bitcoin.
With the fall in Tesla’s shares, Amazon CEO Jeff Bezos returned to top spot on the rich list.
Reportedly, the risk of being associated with Bitcoin, which has seen a downward trend in recent days, may have urged some Tesla investors to sell their shares, even if the firm has not been affected by the declines.
Bitcoin's value increased nearly by 50% in the weeks after Tesla revealed it had purchased $1.5bn of currency and planned to accept it as payment.
After reaching above $57,000, the cryptocurrency suddenly dropped nearly 20%. It was trading at less than $48,000 on Tuesday - still higher than when Tesla disclosed its bet.
The shallow authoritarianism of Trump’s Reflecting Pool
- 13 hours ago
Meta’s smart glasses now have a dedicated charging stand
- a day ago
The fall of Britain’s prime minister is a warning for America
- a day ago
My go-to Kindle is back at its best price yet for Prime Day
- 15 hours ago
9th Muharram-ul-Haraam being observed today; Youm-e-Ashur to be observed on Friday
- 11 hours ago
Who gave AI companies the right to build the future?
- a day ago
Two major earthquakes strike Venezuela, death toll likely to reach thousands
- 11 hours ago
Spice Girls' debut song 'Wannabe' turns 30 amid reunion talk
- 11 hours ago
Ninth Muharram processions taken out across country amid tight security
- 7 hours ago
The Fitbit Air takes a smarter approach to the AI health dumpster fire
- a day ago
Hormuz traffic sees sharp uptick but not back to normal
- 6 hours ago
Argentina sings collective happy birthday to Messi
- 11 hours ago
