"14 Billion Dollars Gone in 7 Months"...CEO Drops Out of Global Top 500 Rich List [Bitcoin Now]

Brian Armstrong, Chief Executive Officer (CEO) of Coinbase, has dropped out of the global top 500 richest people ranking. The decline in Coinbase's share price, driven by the sluggish virtual asset market, had a significant impact.

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According to the Bloomberg Billionaires Index on the 10th (local time), Armstrong's wealth has fallen by more than 10 billion dollars after reaching 17.7 billion dollars seven months ago.

Bloomberg assessed that Coinbase's share price has mirrored the roller-coaster-like volatility of Bitcoin. Coinbase shares have fallen about 60% from their peak in July last year. Most of Armstrong's 7.5 billion dollar net worth is tied up in his 14% stake in Coinbase.

Bitcoin hit an all-time high of 120,000 dollars in October last year and is currently trading at around 69,000 dollars. JPMorgan recently cut its target price for Coinbase by 27%, citing weak virtual asset prices, a decline in trading volume, and a slowdown in the growth of stablecoins.

As virtual asset prices have plunged, other virtual asset billionaires have also dropped off Bloomberg's list of the world's 500 richest people. The net worth of Cameron Winklevoss and Tyler Winklevoss, the twin brothers who co-founded Gemini Space Station, which operates the virtual asset exchange Gemini, has fallen from 8.2 billion dollars each to 1.9 billion dollars. In addition, the wealth of Mike Novogratz, CEO of digital asset financial services firm Galaxy Digital Inc., has decreased from 10.3 billion dollars in October last year to 6.2 billion dollars. Michael Saylor, CEO of MicroStrategy, has also lost about two-thirds of his wealth since its peak in July last year. His current fortune is around 3.4 billion dollars.