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Tesla's Musk loses $15B in day; now 2nd richest in Bezos swap

by Bloomberg | February 24, 2021 at 2:09 a.m.

Elon Musk lost his spot as the world's richest person after Tesla shares slid 8.6% on Monday, wiping $15.2 billion from his net worth.

Tesla's biggest decline since September was fueled in part by Musk's comments over the weekend that the prices of Bitcoin and smaller rival Ether "do seem high." His message -- on his favored medium of Twitter -- was put out two weeks after Tesla announced that it added $1.5 billion in bitcoin to its balance sheet.

Tesla stock fell 2% Tuesday.

The cryptocurrency has surged more than 400% in value over the past year.

Musk also tweeted earlier Monday that the company's Model Y Standard Range SUV would still be available "off the menu," backing up reports from electric-vehicle news site Electrek that the model had been removed from its online configurator.

Musk drops to second on the Bloomberg Billionaires Index of the world's 500 richest people with a net worth of $183.4 billion -- down from a peak of $210 billion in January. Amazon.com founder Jeff Bezos reclaimed the top spot even as his fortune fell by $3.7 billion to $186.3 billion Monday.

The two billionaires have been swapping places since January as the value of Tesla fluctuated. The stock surged as much as 25% to start 2021 before wiping off almost all of this year's gain. Musk briefly overtook Bezos after his rocket company SpaceX raised $850 million earlier this month, valuing the company at $74 billion, a 60% jump from August.

Bezos occupied the top spot on the ranking for three straight years before January, when Musk eclipsed the e-commerce titan thanks to a 794% rally in Tesla shares.

The market sell-off on Monday hit many of the world's ultrarich.

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