Elon Musk Loses $20 Billion After “SNL” Appearance

Elon Musk Reportedly Loses $20 Billion Following His Appearance On “Saturday Night Live”

Elon Musk’s net worth has reportedly dipped following his appearance on Saturday Night Live. During the show, the Tesla CEO joked that Dogecoin is a “hustle,” resulting in a 35% drop in its value.

Musk also announced that Tesla would no longer be accepting Bitcoin as a form of currency to purchase their electric vehicles, causing a sharp drop in Bitcoin’s value.

He cited environmental safety as the leading concern in his decision. “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said.

“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. Tesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy.”

He continued, “We are also looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction.”

To top it all off, Tesla shares have fallen 15% in value over the last week. According to Forbes, Musk’s losses from this week total $20 billion.