It seems that Elon Musk’s plan to find greater publicity through SNL has backfired, and it left a pretty deep hole in his pocket.

As per a report by Forbes, the stocks of Musk-owned electronic vehicle manufacturer Tesla have gone down to about 15%, which means that he’s lost about $20.5 billion. The downfall in stock value came subsequently after the entrepreneur and internet celebrity hosted an episode of SNL, the long-standing comedy show not even a week ago.

Another factor to the stock value falling is that Tesla announced that they would no longer accept payments in bitcoin. Even though he’s lost $20.5 billion, he still remains the third-richest person alive with a newly calculated net-worth of $145.5 billion. He explained why Bitcoin payments won’t be allowed due to environmental concerns.

Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.

A huge part of Musk’s appearance on the show was his talking about his interests and investments made in several cryptocurrencies. He referred to Dogecoin several times, which also plummeted in value and has been on a downfall ever since his appearance on the show.

With a net-worth of $166 billion at the time, Elon Musk is the richest person ever to have stepped on and hosted Saturday Night Live. The Musk-led episode garnered the third-highest ratings in the show’s 46th season. The two above it are episodes fronted by comedic masterminds such as Chris Rock and Dave Chapelle.

Nitish Vashishtha

Nitish Vashishtha is a freelance writer/contributor from India. He’s written content for companies like ScoopWhoop and Sportskeeda. He’s been writing about pop-culture, current affairs and pro-wrestling since 2017.

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