Beautiful Virgin Islands

Thursday, Mar 26, 2026

Bitcoin: Elon Musk loses world's richest title as Tesla falters

Bitcoin: Elon Musk loses world's richest title as Tesla falters

Tesla boss Elon Musk has lost his title as the world's richest person after a recent slide in the electric carmaker's shares, the main driver of his wealth.

Tesla shares have tumbled more than 20% since hitting a high of more than $880 in early January.

They suffered especially steep falls this week, tied to the firm's recent risky $1.5bn (£1bn) investment in Bitcoin.

The drop returned Amazon boss Jeff Bezos to the top spot on the rich list.

The risk of being associated with the notoriously volatile Bitcoin - which has fallen sharply in recent days - may have prompted some Tesla investors to sell their shares, even if the firm has not been hurt by the declines, Wedbush Securities analyst Dan Ives said.

"By Musk and Tesla aggressively embracing Bitcoin... investors are starting to tie Bitcoin and Tesla at the hip," he said.

"The recent 48-hour sell-off in Bitcoin and added volatility has driven some investors to the exits on this name in the near-term."


What is causing the Bitcoin sell-off?


Bitcoin's value jumped nearly 50% in the weeks after Tesla revealed it had purchased $1.5bn of the currency and planned to accept it as payment.

But since climbing above $57,000 on Sunday, the cryptocurrency has dropped nearly 20%. It was trading at less than $48,000 on Tuesday - still higher than when Tesla disclosed its bet.

Just as Mr Musk was credited with helping to fuel Bitcoin's rise, he may also have himself to blame for some of the recent Bitcoin declines.

In an exchange on Twitter over the weekend Mr Musk wrote that the price of Bitcoin did "seem high lol".

Also driving the cryptocurrency lower were comments from US Treasury Secretary Janet Yellen, who sounded a warning on Bitcoin on Monday. She called it an "extremely inefficient way of conducting transactions".

The comments follow a recent surge of interest in Bitcoin, after major US firms such as Mastercard and Bank of NY Mellon followed Tesla's lead in announcing plans to incorporate the digital currency into their operations.

What else is affecting Tesla?


Mr Musk's attention to Bitcoin comes as Tesla faces other challenges.

The firm recently halted most sales of the lowest-priced version of its Model Y SUV, with Mr Musk citing a desire to improve the car's range.

Earlier this month, Chinese regulators summoned the firm over safety and quality issues, after reports of battery fires and abnormal acceleration.

China is Tesla's biggest source of sales after the United States
Rival carmakers such as General Motors and Volkswagen have also stepped up their focus on electric vehicles in recent months.

The struggles follow an astonishing rise in Tesla shares in 2020, when prices leapt from less than $90 to more than $700.

The increase propelled Mr Musk past Amazon boss Jeff Bezos in the world's richest rankings for the first time in January, while also raising questions about whether that value made sense for a firm that produces a fraction of the cars of its rivals.

The two billionaires have been vying for the top spot in the weeks since.

The more than 8% decline in Tesla's share price on Monday was the biggest since September and wiped more than $15bn off Mr Musk's net worth, according to Bloomberg. Shares fell a further 2% on Tuesday.

Mr Musk's tweets have also famously triggered sharp moves in Tesla shares, including last year when the firm lost $14bn in market value after he wrote that its share price was too high.


Meet the meme-loving magnate behind SpaceX and Tesla.


Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Jaguar Land Rover Halts Production at UK Plant Amid Supplier Disruption
UK Police Reverse Position, Confirm Arrests Will Resume for Palestine Action Protests
UK Small Businesses Face Europe’s Steepest Cost Pressures, New Survey Reveals
US Envoy Urges UK to Proceed with King’s Visit Amid Diplomatic Sensitivities
FTSE 100 Drops Over One Percent as Middle East Tensions Weigh on Markets
UK CO2 Plant Set to Reopen as Authorities Move to Safeguard Supplies Amid Middle East Tensions
Trump Urges Stronger Defence Investment as He Questions Allied Naval Capabilities
New COVID Variant Detected in UK Raises Concerns Over Vaccine Effectiveness
FTSE Russell Moves to Standardise Free-Float Rules for UK and International Listings
HBO Max Launches in UK and Ireland, Marking Major Step in Global Streaming Expansion
UK Signals Readiness to Seize Russian ‘Shadow Fleet’ Vessels in Escalation of Sanctions Enforcement
Escalating Middle East Conflict Seen as Major Threat to UK Economic Stability
Early Challenges Mark Prince Harry and Meghan’s Australia Visit
UK Government Rejects Cover-Up Claims After Theft of Former PM Aide’s Phone
Cyprus Opens Strategic Talks with UK Over Sovereign Base Areas
UK Faces Risk of Sharp Inflation Surge Despite Stable Pre-Crisis Figures
UK Police Arrest Two Over Suspected Antisemitic Arson as Iran Link Investigated
UK Inflation Holds at Three Percent Ahead of Oil Price Shock from Iran Conflict
UK Fuel Prices Face Upward Pressure as Global Oil Trends Raise Cost Outlook
Girlguiding UK Sets September Deadline for Membership Policy Change Affecting Trans Participants
Germany and UK Accelerate Wind Power Expansion to Strengthen Energy Security
UK Moves to Ban Cryptocurrency Donations to Political Parties Over Foreign Influence Concerns
UK and Turkey Finalise Major Air Defence Agreement Worth Billions
Apple Introduces Mandatory Age Verification for iPhone Users in the UK
Diverging Views Emerge Over Meghan Markle’s Planned Australia Appearance
Trump Signals Frustration with UK Leadership Amid Diverging Approaches to Iran Conflict
UK Government Takes Control of Hunterston B as Landmark Nuclear Decommissioning Begins
UK Public Inflation Expectations Jump Sharply in March, Raising Pressure on Bank of England
UK Ministers Warn Expanded North Sea Drilling Would Deepen Exposure to Global Energy Volatility
Delayed UK Defence Investment Plan Leaves Suppliers Under Severe Financial Strain
Can Iran Strike the UK? Assessing the Real Military Threat as Conflict Escalates
Sanctioned Iranian Banker Linked to Luxury Marbella Villa Through UK Corporate Structure
Casey Bloys Navigates HBO Max UK Launch, Paramount Integration and Industry Buzz Over Netflix Meeting
Iran Conflict Sparks Sharp Turbulence in UK Mortgage Market, Reaching Pandemic-Era Disruption Levels
Major Donor Urges University of Kentucky to Reconsider Mitch Barnhart’s Post-Retirement Role
United Kingdom Moves to Lead International Effort to Reopen Strait of Hormuz
UK Police Investigate Targeted Attack on Jewish Ambulance Vehicles
UK Police Investigate Targeted Attack on Jewish Ambulance Vehicles
Senior UK Advocate Criticises Barnhart Retirement Appointment, Calls for Reconsideration
UK Finds No Evidence of Direct Iranian Threat to Britain, Says Prime Minister Starmer
Assessing Iran’s Strike Capability and the UK’s Readiness Amid Rising Tensions
NATO Unable to Confirm Iran’s Role in Strike on UK-US Base as Tehran Denies Involvement
University of Kentucky’s Youling Xiong Receives SEC Faculty Achievement Award for 2026
Trump Highlights Satirical Portrayal of UK Leadership Amid Talks with Prime Minister Starmer on Iran Conflict
Trump Highlights Satirical Portrayal of UK Leadership Amid Talks with Prime Minister Starmer on Iran Conflict
UK Fuel Prices Surge Toward Crisis Levels as Experts Warn of Further Sharp Increases
UK Fuel Prices Surge Toward Crisis Levels as Experts Warn of Further Sharp Increases
Duchess of Sussex Secures ‘As Ever’ Trademark Rights in Australia Ahead of High-Profile Visit
UK Reaffirms Security as Officials Reject Claims of Immediate Iranian Missile Threat
Rising Middle East Tensions Spark ‘Trumpflation’ Debate Over Impact on UK Households
×