By Ben Kerrigan-
Big time entrepreneur, Elon Musk, has seen its net worth has plunged roughly $20 billion since his controversial appearance on the Saturday Night Live last week.
According to Forbes estimates, the billionaire’s company Tesla has taken a hit in its stock value by over 15 per cent this week, bringing his net worth down by $20.5 billion—to $145.5 billion by Thursday.
Prior to his appearance on the sketch comedy show last weekend, where he took a dig at his business plans and said dogecoin was a “hustle”, Musk’s net worth was $166 billion.
On Friday, Tesla shares were down 18.2 per cent and trading at roughly $571 per share.
Musk’s comments on cryptocurrency contributed largely to this fall. The value of dogecoin fell more than 30 per cent within 24 hours after Musk’s comments.
During his opening monologue on SNL, the billionaire was joined by his mother who said: “I’m excited for my Mother’s Day gift, I just hope it’s not Dogecoin.”
On Wednesday, Musk also announced that Tesla would no longer accept Bitcoin as payment for its electrical vehicles due to environmental factors, plunging its turnover downwards.
Elon Musk made several controversial comments on dogecoin during his appearance on the sketch comedy show last week.
Musk tweeted on 12 May that Tesla would suspend bitcoin sales because of concerns about “rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel”.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,” he added.
Musk has been the subject of criticism due to unorthodox or unscientific stances and controversies.
In 2018, he was sued for defamation by a diver who advised in the Tham Luang cave rescue; a California jury ruled in favor of Musk. In the same year, he was sued by the US Securities and Exchange Commission (SEC) for falsely tweeting that he had secured funding for a private takeover of Tesla.
He settled with the SEC, temporarily stepping down from his chairmanship and accepting limitations on his Twitter usage. Musk has spread misinformation about the COVID-19 pandemic and has received criticism from experts for his other views on such matters as artificial intelligence and public transportation.
He is the third richest man in the world, and has expressed ambitious adventures including future trips to space, with bars instituted in space for revellers to have a good time.