The crashing crypto market has tech giants Jeff Bezos and Elon Musk losing billions of money.
The last few months had the cryptocurrency market value losing over $1 trillion. That came amid fears of heavy regulations and crypto bans in some countries. Tech stocks also recorded poor performance as the stock market saw the worst week since the COVID-19 pandemic emerged.
Netflix hit a decade low on share price, as exercise equipment firm Peloton saw its stock plummeting beneath the IPO price. That means Peloton shares worth less than the figure during the entry into the stock marketplace.
Sources reveal that Tesla Executive Elon Musk and Amazon CEO Jeff Bezos have had their fortunes tumbling substantially amid the ongoing crypto crash. Though, the losses might be minimal compared to their riches.
The sell-off in tech stocks and the crypto industry saw Musk losing $25.1 billion, while Bezos lost approximately $20 billion. Nevertheless, the losses might be painful to several investors globally. Can you imagine your riches plunging by over $20 billion in a matter of days?
Elon Musk’s net worth stands at $242.4 billion, making the Tesla CEO the richest man globally. Bezos comes second in the list, his fortunes toppling $167.6 billion. Other tech investors also witnessed massive losses. Binance executive Changpeng Zhao had $17.7 billion of his money disappearing, while Facebook CEO Mark Zuckerberg saw $10.4 billion in losses.
The crypto market prices appear to plunge in near-term and long-term periods. Bitcoin has lost approximately 17% since last week, while the leading alt, ETH, remains 25% low in a week. Moreover, the sell-off appeared to affect the altcoin market severely.
Forbes report suggests the cryptocurrency might keep falling toward new lows as experts predict BTC and other large-cap currencies will suffer extended plummets as confidence in the marketplace fades. Analysts remain skeptical about the crypto space, citing its speculative bubble might burst when individuals realize the crypto market value relies on the people’s expectations on prices surging.
For now, crypto participants remain worried as no one appears to know when the crash will bottom. What are your thoughts on that? Feel free to comment below.