Only 0.39% of Elon Musk’s $200B loss is due to BTC volatility

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On:
Hull Invest

Elon Musk becomes the first person to lose $200 billion bloomberg newsMeanwhile, Tesla lost $783 million to Bitcoin (BTC) volatility, which is 0.39% of Musk’s loss.

Musk’s personal fortune is $340 billion as of November 4, 2021, making him the richest person in the world. In December 2022, Musk’s fortune will be reduced to his $137 billion, instead LVMHof Bernhard Arnault.

Musk’s electric car company, Tesla, will lose 65% of its value in 2022, allowing Musk to sell a significant portion of its assets to buy Twitter for $40 billion.

Tesla purchased 43,200 BTC in February 2022 for $1.5 billion. That equates him to $716,368,320 if his current BTC price is hovering around $16,597 at the time of writing. Tesla’s total loss from BTC investment was $873,631,680, equivalent to 0.39% of Musk’s $200 billion loss.

Journalist at CryptoSlate

Zeynep is an academic turned cryptocurrency in 2018. With a social science background, she has a particular interest in the social impact of blockchain and cryptocurrencies, and a strong believer in their transformative power.

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