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08 March 2021

Musk no longer world’s richest man after Tesla and Bitcoin slump

Musk no longer world’s richest man after Tesla and Bitcoin slump


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Tesla CEO Elon Musk has lost his crown as the world’s richest man following a sharp correction in Bitcoin and a slump in his company’s stock that some analysts believe are correlated. .

Fox Business has blamed this week's stock drop on the company’s association with Bitcoin, citing analyst Dan Ives of Wedbush, who also noted he believes the move was astrategic one for the long-term.

Despite this week’s price plunge, the firm is still in profit on the Bitcoin buy, as the asset was priced at a touch over $39,000 when the purchase announcement was made (and the buy happened prior to that).

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cointelegraph.com
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