Elon Musk Lost $20 Billion After His 'SNL' Appearance

But the Telsa CEO is still the third-richest person on the planet

BY Allie GregoryPublished May 14, 2021

Elon Musk is apparently $20 billion poorer after hosting Saturday Night Live last weekend. This week, his Tesla stock has plummeted a whopping 15 percent, lowering his net worth from $166 billion to $145.5 billion USD, making for a drop of $20.5 billion USD.

At one point during the show on May 8, he called his Dogecoin dealings a "hustle." Whether related to his comments or not, the cryptocurrency tanked 30 percent that night. Later in the week, the Tesla CEO announced that his company would stop accepting Bitcoin as payment, citing environmental concerns surrounding crypto-mining operations.

As Forbes reports, Musk's confusing stance on cryptocurrency has led to "volatility" for Tesla stock, which was already struggling before his SNL appearance.

Whether Musk's highly politicized SNL hosting gig played a factor in his current financial loss is yet to be seen. While he arguably wasn't the best host of all time, we can also say on good authority that he definitely wasn't the worst  — or even the weirdest.

Despite losing more money in one week than most of us can ever hope to make in a thousand lifetimes, Musk remains the third-richest man in the world — just a few billion dollars richer than Bill Gates.

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