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Armstrong’s Wealth Drops Over $10 Billion
According to the Bloomberg Billionaires Index, Armstrong’s net worth has decreased by over $10 billion since reaching a peak of $17.7 billion about seven months ago. The 43-year-old Coinbase founder’s current net worth is approximately $7.5 billion.
Recent developments also contributed to this decline. JPMorgan Chase & Co. revised its target price for Coinbase downward by 27% on Tuesday. The bank cited weak cryptocurrency asset prices, declining trading volumes, and a slowdown in stablecoin growth as reasons.
A large portion of Armstrong’s wealth comes from his approximately 14% stake in New York-based Coinbase Global Inc. The index data also reflect that Armstrong has occasionally sold shares. Additionally, he is a co-founder and investor in NewLimit, a biotech startup focused on longevity technologies.
Coinbase Shares Decline Alongside Bitcoin
Coinbase shares closely tracked Bitcoin’s price movements. The company’s stock has lost about 60% of its value since its peak on July 18. On Tuesday, an additional 2.8% decline was observed.
A similar pattern is seen with Bitcoin. The cryptocurrency has fallen approximately 50% since early October. The sharp fluctuations throughout the month have dampened investor appetite and shaken confidence in the market.
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