Elon Musk loses RM60.63bil in a day after Bitcoin warning

Elon Musk drops from top spot, becoming world's second richest after Jeff Bezos, after Tesla stocks slid, wiping RM61.44bil from his net worth. — Reuters

Elon Musk is no longer the world’s richest person after Tesla Inc shares slid 8.6% on Monday, wiping US$15.2bil (RM61.44bil) 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 – via his favoured medium of Twitter – came two weeks after Tesla announced it added US$1.5bil (RM6.06bil) in Bitcoin to its balance sheet.