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Coinbase (NASDAQ:COIN) CEO Brian Armstrong is no longer among the world’s 500 richest people, according to Bloomberg.
Armstrong dropped out of the ranking as his wealth has fallen by over $10 billion in the past seven months, from a peak of $17.7 billion in July to about $7.5 billion, the outlet reported Tuesday.
The majority of Armstrong’s wealth is tied to his Coinbase stake. The company’s stock closed at $141.09 on Thursday, down nearly 70% from its record high of $444.65 in July, amid tough cryptocurrency market conditions.
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Bitcoin was most recently trading around $66,000. It is down nearly 50% from its record price of $126,000 in October, as the sector has lacked a clear narrative and regulatory clarity has stalled.
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Amid the rout, Armstrong has not been the only cryptocurrency billionaire to drop out of the Bloomberg Billionaires Index in the past few months. Others include Gemini Space Station Inc (NASDAQ:GEMI) founders Cameron and Tyler Winklevoss, Galaxy Digital (NASDAQ:GLXY) CEO Michael Novogratz and Strategy (NASDAQ:MSTR) CEO Michael Saylor, Bloomberg reported.
The Winklevoss twins have each seen their wealth drop to $1.6 billion from $8.2 billion in October, Bloomberg said. Novogratz’s net worth has dropped to $6.2 billion from $10.3 billion over the same period, while Saylor’s fortune is down nearly 70% since July at $3.4 billion.
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This article $10 Billion Gone In 7 Months: Coinbase’s Brian Armstrong Falls Off Billionaire Leaderboard As Crypto Fortunes Evaporate originally appeared on Benzinga.com
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