Elon Musk has lost $20 billion in net worth since his guest appearance on Saturday Night Live

Since Elon Musk’s appearance on Saturday Night Live, Tesla’s stock price has fallen 14% and Musk is estimated to have lost $20 billion in that time

Elon Musk has lost  billion in net worth since his guest appearance on Saturday Night Live

Elon Musk has reportedly lost $20 billion since his May 8 guest appearance on “Saturday Night Live,” and news that Tesla has suspended accepting bitcoin as a payment method for its cars continues to send shockwaves through the market.

On May 7, the day before Musk’s appearance on Saturday Night Live, Tesla’s stock was trading at $669. Since then, the company’s stock has fallen 14 percent to rest at around $573. Musk’s $166 billion net worth plunged $20 billion to about $145.5 billion, according to Forbes estimates.

This week, Tesla shares fell 14 percent, further adding to the overall downward trend in Tesla shares over the past 30 days. on April 14, TSLA shares were trading at $784. According to Tradingview, shares are currently trading at $573, down 26.91 percent in that time.

Elon Musk has lost  billion in net worth since his guest appearance on Saturday Night Live

Tesla Stock 1 Month Chart by Trading View

Musk’s actions have not only led to volatility in Tesla’s stock price, which has fallen 8.1% from $54,448 to about $50,000 as of this writing since May 13, when he announced he was abandoning bitcoin payments, according to Coingecko.

Alex Mashinsky, CEO of digital asset lender Celcius Network, said the crypto industry doesn’t need friends like Musk, telling Yahoo Finance.

“Bitcoin is up 20,000,000% over the last decade and is the best performing asset class of the last decade, and the industry will do just fine without Elon.”

Alex Mashinsky noted that Tesla made a $300 million profit from the sale of some of its bitcoin, which greatly improved first quarter profits. He said, “Obviously, Tesla used Bitcoin to get itself a very important quarter. So you can’t have it both ways. You can’t say bitcoin is bad for me. So Bitcoin doesn’t need Tesla.”

Michael Saylor Slams Musk’s Comments

MicroStrategy CEO Michael Saylor also took to Twitter to take a shot at Musk’s comments that Bitcoin is not friendly to the environment.

Year-to-date estimated electricity consumption has increased by 40% over the same period that the network’s assets have grown by 100%, implying a significant increase in energy efficiency over that period. As Bitcoin scales up, it is becoming less energy intensive.

-Michael Saylor (@michael_saylor) May 13, 2021

Musk posted links to articles that refer to “dirty coal” bitcoin mining operations, such as the temporary shutdown of bitcoin mines in Xinjiang last month due to security checks, which led to a significant drop in the computing power of China’s top mining pools. The connections also point to the expansion of Greenbridge’s natural gas bitcoin facility in New York.

Saylor counters that the cost of bitcoin is worth its weight in gold compared to the benefits.

“Bitcoin provides 8 billion people with an advanced technology to secure their property rights as well as address global inflation and currency devaluation, which cost the economy over $10 trillion annually. Aren’t fossil fuel considerations secondary?”

Saylor may be more frustrated than most, as he was reportedly instrumental in convincing Musk to add $1.5 billion in bitcoin to Tesla’s balance sheet.

MicroStrategy took advantage of the dip to buy lower, announcing yesterday that it had purchased an additional 271 bitcoins for $15 million, bringing its total bitcoin holdings to 91,850.

MicroStrategy purchased an additional 271 bitcoins for $15 million in cash, at an average purchase price of $55,387 per bitcoin. As of May 13, 2021, we hold 91,850 bitcoins at an average purchase price of $24,403 per bitcoin based on a total value of $2.241 billion.

-Michael Saylor (@michael_saylor) May 13, 2021

Hope for the future?

Not everyone is taking a negative view of Musk’s actions. Anthony Scaramucci, CEO of investment firm Skybridge Capital, said it’s part of Musk’s plan – to help clean up bitcoin mining by encouraging a shift to 100 percent renewable energy.

“Elon’s goal: to elevate the Bitcoin community and bring the urgency of clean energy mining to the attention of policymakers. For Bitcoin to reach $1 million and hyperbitcoinization, it will need renewable energy mining. Elon will make a huge contribution to that. He still holds bitcoin.”

Anthony Scaramucci bets 0.05 BTC that Musk will enter the “super clean” bitcoin mining market.

Elon is not a half-way person. I predict he will be a competitor/disruptor in the bitcoin mining industry. I bet you 0.05 BTC that within a year, Tesla/Solar City will announce its entry into the “super clean” bitcoin mining space.

  • Anthony Scaramucci (@Scaramucci) May 13, 2021

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