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Elon Musk Loses Entire Dogecoin Market Cap in One Day

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Wed, 11/10/2021 - 06:30
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Alex Dovbnya
Elon Musk has become $35 billion poorer in just one day
Elon Musk Loses Entire Dogecoin Market Cap in One Day
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As per the Bloomberg Billionaire Index, Tesla CEO Elon Musk’s personal net worth has dwindled by a staggering $35 billion in just one day.

This is equivalent to the entire market cap of meme cryptocurrency Dogecoin.

The Musk-supported coin is currently trading at $0.27 on major spot exchanges.

Tesla shares record the biggest daily drop of 2021

Musk’s net worth took a hit after the shares of e-car manufacturer Tesla dropped 16% this week.

On Tuesday, the volatile stock was down 11.99%, which marked its biggest one-day loss in 14 months.    

Twitter decided that Musk should sell 10% of his shares after more than 3.5 million people took part in the businessman's poll.  

A $50 billion loss

Within 48 hours, the centibillionaire’s wealth has plunged by $50 billion, which exceeds the entire net worth of Len Blavatnik, the richest man in the U.K.

As per Bloomberg, this is the steepest two-day drop in history.
 
However, Amazon CEO Jeff Bezos still holds the record for the biggest one-day decline after reaching a $37 billion divorce settlement with MacKenzie Scott.

With that being said, Musk still has a comfortable $82 billion lead over Bezos, according to the Bloomberg Billionaire Index.

French fashion mogul Bernard Arnault comes in third place with a net worth of $173 billion.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.