Elon Musk has lost $ 20 billion since the SNL when Michael Saylor comes out shooting


Elon Musk has reportedly lost $ 20 billion since his Saturday night performance as news that Tesla stopped making BTC payments on cars continues to send shock waves across the markets.

On May 7, the day before Musk appeared on SNL, Tesla stock was trading at $ 669. For the week since the stock fell 14% to around $ 573. Forbes estimates that that sudden drop saw Musk’s net worth dropping $ 166 billion, down $ 20 billion to around $ 145.5 billion.

This week’s 14% decline contributes to an overall downward trend in Tesla stock over the past 30 days. TSLA stock was trading at $ 784 on April 14. Today’s price of $ 573 represents a decrease of 26.91% over this period, according to Tradingview.

Tesla stock, 1-month chart, trading view

Of course, Musk’s antics aren’t just causing volatility in Tesla stock prices. Bitcoin’s price fell 8.1% from $ 54,448 when it dropped its BTC payment bomb to currently around $ 50,000 on May 13, according to Coingecko.

Digital asset lender’s CEO, Celcius Network, Alex Mashinsky said the crypto industry doesn’t need friends like Musk, telling Yahoo Finance:

“Bitcoin is up 20,000,000% over the past decade, the best performing asset class over the past decade, and the industry will do well without Elon.”

He noted that Tesla made a profit of $ 300 million from the sale of part of its Bitcoin, which dramatically improved its bottom line in the first quarter. “Obviously they are using Bitcoin to deliver a very important quarter for them,” he said. “So you can’t have it both ways. You can’t say Bitcoin is not good for me. So Bitcoin doesn’t need Tesla.”

Michael Saylor comes out firing

Michael Saylor, CEO of MicroStrategy, also came out and put Musk on Twitter for the billionaire’s claims that Bitcoin was not environmentally friendly.

Musk posted links to articles referring to “dirty coal” bitcoin mining operations, such as the Xinjiang plant that was temporarily shut down last month for security clearance. The links also point to the controversial expansion of Greenbridge’s gas-fired Bitcoin plant in New York.

Saylor hit back by arguing that the cost of Bitcoin was worth it for the benefits:

“Bitcoin provides 8 billion people with superior technology to guarantee their human rights to property, as well as a solution to the global problem of inflation and currency devaluation, which causes economic damage of more than 10 trillion US dollars a year. Isn’t the mix of fossil fuels second order? “

Saylor might be more upset than most because he was reportedly instrumental in convincing Musk to add $ 1.5 billion in the first place to Tesla’s balance sheet.

MicroStrategy took advantage of the decline caused by Musk’s announcement yesterday to spend an additional $ 15 million to purchase 271 BTC and increase the total to 91,850 BTC.

Hope for the future?

Not everyone viewed Musk’s actions in a negative light. Skybridge Capital’s CEO, Anthony Scaramucci, suggested that this was part of Musk’s plan to help clean up Bitcoin mining by encouraging them to switch to 100% renewable energy.

“Elon’s Goal: Level Set the Bitcoin Community and Focus Policy Makers on the Urgency of Clean Energy Mining. The road to $ 1 million BTC and hyper-bitcoinization requires renewable mining. Elon will go a long way in this regard. He is HODLing. “

He bet 500,000 Satoshis that Musk would enter the “super clean” Bitcoin mining market.