Crypto Crash Makes Elon Musk And Jeff Bezos Lose Billions Of Dollars, But Still Rich

Elon Musk lost trillions of rupiah during the crypto crash. (photo: NDTV)

JAKARTA - The fall in the price of cryptocurrencies has cost the two richest people on earth, Elon Musk and Jeff Bezos.

In recent months, the market value of cryptocurrencies that are claimed to be worth more than 1 trillion US dollars has been lost amid fears that cryptocurrencies will be banned in certain countries and tightly regulated in others.

Tech stocks have also underperformed, with the stock market having its worst week since the start of the COVID-19 pandemic.

Netflix had to endure its steepest stock price drop in a decade. Meanwhile, shares of high-tech sports equipment company Peloton fell below its IPO price. This means that Peloton's share price is now lower than when it was first offered on the stock market.

Tesla CEO Elon Musk and Amazon mogul Jeff Bezos have seen their personal fortunes drop significantly due to the crypto crash, even though they are so rich they don't seem to have much of an effect on their finances.

Jeff Bezos remains rich despite losing trillions of rupiah due to crypto crashes. (photo: twitter)

Musk has lost 25.1 billion dollars (IDR 359 trillion) due to the decline in the value of crypto and technology stocks, while Bezos is down about 20 billion US dollars (IDR 286.3 trillion).

For most people, this will be more money than they have ever dreamed of. Moreover, a loss of that magnitude, for the citizens of Indonesia. But if there were two people on this planet who could lose more than $20 billion and not be adversely affected, it would only be Musk and Bezos.

Musk's personal net worth of 243.4 billion US dollars (IDR 3.349 trillion) makes him the richest person in the world, while Bezos is in second place with a total wealth of 167.6 billion US dollars (IDR 2.399 trillion). Elon Musk only lost about 10 percent and Bezos was more or less the same!

Other tech giants who have also experienced large sums of money lost or heavy losses, are Binance's Changpeng Zhao who lost 17.7 billion US dollars and Facebook founder Mark Zuckerberg whose fortune fell 10.4 billion US dollars, due to the recent crypto crash.

Collapsed crypto values continue, collapsing in both the long and short term, while the major cryptocurrency Bitcoin is down 16.8% over the past week and the second largest cryptocurrency Ethereum is down 25%.

According to Forbes, the crypto market may fall to new lows as analysts warn that the price of Bitcoin and other major cryptocurrencies may continue to fall further as confidence in the market falls.

Analysts worry that the cryptocurrency market is a speculative bubble that could burst when people realize the value of cryptocurrencies is dependent on others expecting the price to continue to rise.

Massive fluctuations in the value of cryptocurrencies sparked warnings of a 'financial mania' that could lead to collapse and take trillions of dollars of investment with them just like that.