Tesla's Elon Musk loses World richest position to Bezos

Tesla's Elon Musk loses World richest position to Bezos

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.

Similar articles

Understanding the Science Behind Slot Machine Algorithms: Sweet Bonanza Case Study
Understanding the Science Behind Slot Machine Algorithms: Sweet Bonanza Case Study

Understanding the Science Behind Slot Machine Algorithms: Sweet Bonanza Case Study

Slot machines hold an important place in the world of entertainment and gaming. With advances in technology...
How to improve customer service with ChatGPT?
How to improve customer service with ChatGPT?

How to improve customer service with ChatGPT?

In today's business world, providing exceptional customer service is essential to building customer loyalty...
What is the procedure for making a lost cat poster?
What is the procedure for making a lost cat poster?

What is the procedure for making a lost cat poster?

You have just lost your cat. But you don't know where to start looking for it. Your neighbour suggests you...
IVR, what is it really?
IVR, what is it really?

IVR, what is it really?

A major company necessarily needs a call center, or at least an answering service that receives callers....
All about using DDOS technology against attacks
All about using DDOS technology against attacks

All about using DDOS technology against attacks

When a company's server is hacked, the company runs the risk of losing the trust of its customers and thus...