Cryptocurrency
Elon Musk loses $20B since SNL, as Michael Saylor comes out firing
Elon Musk loses $20B since SNL, as Michael Saylor comes out firing: (Cointelegraph) Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night live, as the news of Tesla halting BTC payments for cars continues to send shockwaves across markets. On May 7, the day before Musk made his appearance on SNL, Tesla […]
Elon Musk loses $20B since SNL, as Michael Saylor comes out firing:
(Cointelegraph)
Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night live, as the news of Tesla halting BTC payments for cars continues to send shockwaves across markets.
On May 7, the day before Musk made his appearance on SNL, Tesla stock was sitting at $669. In the week since the stock has declined 14% to sit around $573. According to Forbes estimates, this sudden drop has seen Musk’s $166 billion net worth plunge by $20 billion down to around $145.5 billion.
The 14% drop this week adds to an overall downward trend for Tesla stock over the past 30 days. On April 14 TSLA shares were sitting at $784. Today’s price of $573 marks a 26.91% decrease over this period according to data from Tradingview.
Musk’s escapades aren’t just causing volatility in Tesla stock prices of course, with Bitcoin’s price declining 8.1% from $54,448 when he dropped his BTC payments bombshell on May 13, down to around $50,000 currently, according to Coingecko.
The CEO of digital asset lender Celcius Network, Alex Mashinsky said the crypto industry didn’t need friends like Musk, telling Yahoo Finance 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 a $300 million profit from selling a portion of its Bitcoin, which dramatically improved its Q1 bottom line. “So obviously, they use Bitcoin to deliver a very important quarter for them,” he said. “So you can’t have it both ways. You can’t say Bitcoin’s not good for me. So Bitcoin doesn’t need Tesla.”
Michael Saylor comes out firing
MicroStrategy CEO Michael Saylor also came out firing, taking on Musk on Twitter about the billionaire’s claims Bitcoin is not environmentally friendly.