Coinbase CEO Falls From List of World’s Richest as Crypto Slides

Coinbase Global Inc. Chief Executive Officer Brian Armstrong, whose fortune has dropped by more than half since July, is no longer among the world’s 500 richest people as crypto prices have tumbled.

Armstrong’s wealth has fallen by more than $10 billion since peaking seven months ago at $17.7 billion, according to the Bloomberg Billionaires Index. The latest drop to Armstrong’s fortune came after JPMorgan Chase & Co. cut its price target for Coinbase by 27% on Tuesday, citing “softness in crypto prices,” lower trading volumes and slow stablecoin growth.