The billionaire’s net worth Elon Musk has dropped about $ 20 billion since hosting Saturday Night Live (SNL) last week. What happened?
After hosting the show, Musk received rather poor reviews from the public, with many voices saying that she was the worst host in SNL history.
The reason for Musk’s diminishing fortune is different
But, surprisingly, this is not the reason why the billionaire’s fortune went into the water in the last week.
Forbes reported a loss of about $ 20 billion in Musk’s assets on Thursday. On Thursday, at the close of the market, Tesla shares fell 18.2% and traded at about $ 571 per unit.
Economic analysts claim that it was not SNL’s appearance as the host that contributed to this, but the investor’s interest in cryptocurrencies, especially Dogecoin and Bitcoin.
Bitcoin fell 9% on May 13, while Dogecoin fell nearly 6%.
But if we look closely, we see that this is a chain of weaknesses, because the depreciation of these two cryptocurrencies also comes after an announcement by the billionaire, made on May 12, according to which Tesla will stop accepting Bitcoin as payment for its electric vehicles, because cryptocurrency mining is not at all environmentally friendly, and Musk’s companies are very demanding on climate impact and greenhouse gas emissions.
A single Bitcoin transaction uses the same amount of electricity that a medium-sized American household can use in a month.
Also, although he claims to be a fan of digital money, we cannot deny that Musk wants to protect himself from the volatility of the crypto market.
However, the CEO of Tesla and SpaceX is still far from worrying about paying bills, at a net worth of $ 145.5 billion, according to Forbes estimates, making him the third richest man of the world.
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