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


Tesla (NASDAQ:TSLA) CEO Elon Musk has lost his crown as the world’s richest man after a sharp correction in bitcoin and a plunge in his company’s stock that some analysts believe are correlated.

Tesla stock (TSLA) has fallen 21% from its peak of $890 on Jan. 26 and has accelerated those losses in the past two days, falling to $698. Shares of the electric vehicle maker fell as much as 13% on Tuesday, Feb. 23, the worst day for the stock since early September.

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