Only 0.39% of Elon Musk’s $200B loss is due to BTC volatility Only 0.39% of Elon Musk’s $200B loss is due to BTC volatility
Musk's Tesla lost $783 million to Bitcoin volatility in 2022.
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Updated: Aug. 15, 2023 at 4:09 pm UTC
ZACK / MCOM / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
Elon Musk became the first person ever to lose $200 billion according to Bloomberg News, while Tesla lost $783 million to Bitcoin (BTC) volatility, which corresponds to 0.39% of Musk’s loss.
Musk’s personal fortune was at $340 billion on Nov. 4, 2021, which made him the richest man in the world.ย On December 2022, Musk’s wealth fell to $137 billion and he got replaced by LVMH‘s Bernhard Arnault.
Musk’s electric car company Tesla lost 65% of its value in 2022, while Musk sold a significant portion of his assets to be able to purchase Twitter for $40 billion.
Tesla purchased 43,200 BTC for $1.5 billion in February 2022. The amount equates to $716,368,320 with the current BTC price that is lingering around $16,597 at the time of writing. Tesla’s total loss from its BTC investment is $873,631,680, which equates to 0.39% of Musk’s $200 billion loss.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.
