Jeff Bezos Overtakes Elon Musk As World’s Richest Man As BTC Tanks

Jeff Bezos overtakes Elon Musk as the richest man in the world as the price of Bitcoin tanked yesterday. Musk owns about 48,000 Bitcoin and his net worth is linked to BTC because, Telsa owns a huge chunk of the coin, as reported in our recent Bitcoin news.

The Tesla CEO was downgraded to the second richest man in the world as Jeff Bezos overtakes the Tesla CEO. With BTC in a major correction mode, billionaire Elon Musk dropped to the second spot on the list of world richest men, below Jeff Bezos.
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Musk is now worth $183 billion and Bezos is worth $186 billion.

Musk is the biggest stakeholder in the car company that he runs, controlling 241 million shares. The Tesla stock prices were shifting since the fall and reached a price of $408 to a high of $883 on January 26. Later, Tesla purchased $1.5 billion in BTC and since the purchase was revealed, the share prices dropped to $709 which equates to about $6 billion less than what he was able to count towards his net worth. Tesla’s bitcoin purchase was great for the BTC price as on the morning of the purchase, the price was $39,000 and then hit $58,000 a few weeks later. The price surge netter Tesla an estimated $1 billion in profits according to the analysis from Wedbush Securities.

However, BTC dropped by $10,000 in the past day, which means that it lowered down the profits of Tesla as well. Despite the lack of correlation between Tesla and the BTC price, Wedbush analyst Dan Ives said that that the Tesla stock price is closely tied to Bitcoin or will be moving forward at least. His feeling however is that Bitcoin isn’t fully being factored into the price. if this happens, we could see the volatile Musk moving on the list as the company is closely tied to the volatile currency.

As reported previously, Tesla’s CEO Elon Musk urges the large DOGE holders to sell a huge chunk of their DOGE stash to ease up the distribution of the altcoin according to a tweet this morning. Whether this is a joke or not, Dogecoin’s wealth concentration issue is real and the reports suggest a single entity holds more than 27% of the entire altcoin market cap valued at over $7 billion at press time. That puts the entity holdings at $1.8 billion or about the GDP of a mid-sized island nation.