Cryptocurrency: Elon Musk loses as the world's richest person as Bitcoin slumps in day

Elon Musk has lost his tittle as the world's riches person after Tesla Inc. Shares slid 8.6% on Monday losing $15.2 Billion from his net worth, in just a day, following the Bitcoin Monday market slump.

Bloomberg.com reports that Elon Musk has dropped to second on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth of $183.4 billion -- down from a peak of $210 billion in January giving Amazon.com Inc. founder Jeff Bezos a chance to reclaimed the top spot even as his fortune fell by $3.7 billion to $186.3 billion Monday.

Jeff Bezos had occupied the top spot on the ranking for three straight years prior to January, when Musk eclipsed the e-commerce titan following a 794% gain in Tesla shares.

The report furthered that the Monday Market also affected many of the world’s ultra-rich as Zhong Shanshan, Asia’s wealthiest person, was the second-biggest decliner on the Bloomberg index, dropping by $5.1 billion as his bottled-water company fell 4.5%. Colin Huang of Pinduoduo Inc., Reliance Industries Ltd.’s Mukesh Ambani and Tencent Holdings Ltd.’s Pony Ma all lost more than $2.5 billion each.

Asides the Monday market short-falls, Bitcoin which has surged more than 400% over the past year, tumbled for a second day on Tuesday, at one point slipping below $50,000 on skepticism over the durability of its rally, Bloomberg also reported.

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