Tesla CEO, Elon Musk has become $35 billion poorer which is equivalent to the market cap of Dogecoin, his meme cryptocurrency.
According to Bloomberg Billionaire Index, Elon Musk saw his personal wealth dwindled by a whopping $35 billion.
This was caused by a drop on the shares of Tesla, his e-car manufacturing company. The volatile stock dropped by 11.99% on Tuesday, this was the biggest loss in a day in the past 14 months.
Elon Musk had proposed selling 10% of Tesla stock on 6th November, 2021. He made this announcement through his Twitter handle.
Within 48hrs after Elon Musk made this statement, his financial portfolio dropped by $50 billion, this represents the steepest drop in history for two days.
This loss is almost the entire market cap of the Elon-supported Dogecoin which is currently trading at $0.2737 with a market cap of $36.15 Billion.
Dogecoin has a total supply of 132.06 billion, and a 24 hours trading volume of $1.83 billion. Dogecoin has been one of the trending meme coins in the past 3 months.
Do you think this loss will affect the performance of Dogecoin?
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