It’s another day of bad news for Elon Musk after he was overtaken again by Jeff Bezos in the fight to become the world’s richest man just last week.
Bitcoin — which the automaker invested a whopping $1.5 billion USD into — has also been hit, dropping from its peak of $58,354 USD just three days ago to as low as $45,000 USD on Tuesday. The cryptocurrency lost more than $10,000 USD in value over the course of just 19 hours yesterday, marking the greatest single decline in its history.
Two weeks after @elonmusk announced that he spent $1.5 billion of shareholder money buying Bitcoin, #Tesla stock entered a bear market, plunging 20% from its all-time high set on Jan. 25th, and 16% since disclosing the #Bitcoin buy. Not an example other CEOs will likely follow!
— Peter ? Schiff (@PeterSchiff) February 22, 2021
Elsewhere in related news, adidas has announced that it will resume dividend payments to its shareholders.