cryptocurrency
cryptocurrency

Elon Musk lost dollars from cryptocurrency and technology companies

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The world’s richest people have lost billions of dollars in a single week due to falling stock prices from cryptocurrency and technology companies .

Last week, Tesla and SpaceX co-founder Elon Musk lost $ 25.1 billion. While Amazon tycoon Jeff Bezos lost $ 20 billion, according to Bloomberg. Binance cryptocurrency tycoon Chow Pengzao reported a $ 17.7 billion loss. While Facebook CEO Mark Zuckerberg lost $ 10.4 billion in assets.

The fortunes of some of the richest people in the world have plummeted. This is also due to the decline in assets during last week’s worst stock market crash. Well-known companies were even more affected, with Peloton, an American sportswear and media company, falling below its IPO price, and Netflix experiencing its worst drop in a decade.

Chipmakers also struggled, with tech-focused Nasdaq Friday’s closing price falling 7.6 percent for the week, the biggest drop in March 2020. This is the fourth consecutive week of declines for the Nasdaq, and the longest drop in nine months.

Currently, the value of cryptocurrency is declining, and investors in the crypto market are losing hundreds of billions of dollars. Bitcoin has fallen 16.8% in the past week, while Ethereum has fallen 25%. Other cryptocurrencies are also depreciating. Bitcoin hit a record high of nearly $ 68,000 in November and is currently below $ 35,000.