Bitcoin: Elon Musk Loses World's Richest Title As Tesla Falters

Tesla's boss, Elon Musk, lost his title as the richest person in the world after a recent slide in the shares of the electric carmaker, the main driver of his wealth.

Tesla's shares have dropped by more than 20% since reaching a high of more than $880 at the beginning of January, reports BBC.

They suffered particularly steep falls this week, linked to the recent risky $1.5 billion (£1 billion) investment in Bitcoin.

The drop returned Amazon boss Jeff Bezos to the top spot on the rich list.

The risk of being associated with the notoriously volatile Bitcoin-which has fallen sharply in recent days-may have prompted some Tesla investors to sell their shares, even if the company has not been hurt by the decline, said Dan Ives, an analyst at Wedbush Securities.

"By Musk and Tesla aggressively embracing Bitcoin... investors are starting to tie Bitcoin and Tesla at the hip," he said.