Despite the fact that Elon musk mentioned crypto and explained what Dogecoin was on Weekend Update, the price of the coin plummeted during the show and has remained lower than it was prior to his appearance. Musk has urged citizens to invest in Dogecoin and other cryptocurrencies.

However, as Forbes pointed out, Tesla and some of Musk’s other assets have dropped in value as a result of his SNL appearance and other decisions made this week, resulting in a $20 billion loss in his net worth.

Tesla’s stock was trading at $669. The stock dropped 14% in the week that followed, hovering around $ 573. According to TBEN figures, Musk’s $ 166 billion net worth has dropped from $ 20 billion to about $ 145.5 billion as a result of this sudden decline. 

Tesla stock has been on a downward trajectory for the past 30 days, with a 14 percent decrease this week adding to the trend. TSLA stock was trading at $784 on April 14. According to Tradingview results, the current price of $ 573 represents a decrease of 26.91 percent over the last year.

Regardless of how well or poorly he performed on SNL, it’s highly doubtful that the drops were solely due to the show. However, the declines are partly due to cryptocurrencies. Tesla announced this week that it would no longer accept Bitcoin as payment for cars, causing the cryptocurrency’s value to plummet as well as Tesla’s. Musk revealed the decision on Twitter, claiming that mining the cryptocurrency consumes a lot of resources and is unsustainable in terms of climate change.

MicroStrategy Adds More Bitcoin

Michael Saylor, the CEO of MicroStrategy, was also fired after criticizing Musk on Twitter for claiming that Bitcoin is not environmentally friendly.

The estimated electricity consumption per https://t.co/Lj4SMIkLS8 YTD increased 40% during the same period that the network grew 100% in assets, meaning that energy efficiency dramatically improved during this time period. #Bitcoin is becoming less energy intensive as it scales.

— Michael Saylor (@michael_saylor) May 13, 2021

Saylor could be more enraged than the average person because he reportedly assisted Musk in convincing him to add $ 1.5 billion in Bitcoin to Tesla’s balance sheet in the first place. 

MicroStrategy took advantage of the price drop resulting from Musk’s announcement yesterday, spending an additional $ 15 million to purchase 271 bitcoins, taking its total to 91,850 bitcoins.

MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTRhttps://t.co/EwZnRkAt6k

— Michael Saylor (@michael_saylor) May 13, 2021

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Source: https://coinpedia.org/bitcoin/bitcoin-price-dump-impact-institutions/