Market News

Elon Musk lost $20 billion since he appeared on SNL with the Tesla stocks dipping 14% as well, as we can see more in our latest cryptocurrency news today.

Elon Musk lost $20 billion since he appeared on Saturday Night Live as the news of Tesla halting BTC payments for cars, made shockwaves on the market. The day before the SNL appearance, Tesla’s stock sits at $669, and over the week it dropped 14% to sit around $573. according to Forbes, the sudden drop saw Musk’s net worth drop by $20 billion to $145.5 billion from the previous $166 billion. The 14% drop this week added to the overall downward trend for the Tesla Stock over the past 30 days as on April 14 the TSLA shares were sitting at $784. The price today of $573 marks a 26% drop over the period according to the data from Tradingview.

Musk’s SNL appearance caused volatility in Tesla’s stock prices as well but Bitcoin also dropped by 8.1% from the previous high of $54,448 especially now after Musk announced that Tesla will halt BTC payments for cars. The CEO of Celcius Network Alex Mashinsky said that the crypto industry didn’t need people like Musk telling that:

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

He noted that Tesla made huge profits from selling a chunk of BTC which improved the Q1 bottom line so he said:

 “So obviously, they use Bitcoin to deliver a very important quarter for them. So you can’t have it both ways. You can’t say Bitcoin’s not good for me. So Bitcoin doesn’t need Tesla.”

Microstrategy CEO Michael Saylor came out firing after the environmental concerns about bitcoin that Musk seemed so worried about. Musk posted links to which he said were “dirty coal” BTC mining operations like the plan in Xinjiang which was shut down temporarily for safety checkups and resulted in a sharp drop in the hash rate of China’s mining pools. The links pointed to a controversial expansion of the Greenbridge gas-fired BTC plant in New York. Saylor said:

“Bitcoin offers 8 billion people a superior technology to guarantee their human rights to property, as well as a solution to the global problem of inflation & currency devaluation which creates $10+ trillion in economic damage per year. Isn’t the fossil fuel mix second order?”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]