Elon Musk joke on ‘SNL’ sends dogecoin inventory plummeting

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Upfront of his “Saturday Evening Dwell” internet hosting gig, SpaceX and Tesla CEO Elon Musk tweeted, “Throwing out some skit concepts for SNL. What ought to I do?”

The billionaire tech mogul’s tweet acquired greater than 55,000 replies, a lot of which requested him to speak about dogecoin, a meme-inspired digital foreign money. Musk’s tweets earlier this yr catapulted the coin, which began out as a joke on social media, to a veritable foreign money.

Musk ended up mentioning dogecoin twice on “Saturday Evening Dwell”: throughout his opening monologue and once more on “Weekend Replace,” the place he mentioned it with co-hosts Colin Jost and Michael Che.

The self-proclaimed “Dogefather” known as dogecoin “the way forward for foreign money” and “an unstoppable monetary car that’s going to take over the world.”

“So it’s a hustle?” retorted Che.

“Yeah, it’s a hustle,” Musk stated with fun.

Consequently, dogecoin‘s inventory dropped practically 30% from $.65 to $.41 a share.

Given Musk’s energy to affect the worth of dogecoin, monetary commentators have questioned whether or not it’s acceptable for him to touch upon the foreign money.

“I believe he’s having quite a lot of enjoyable,” one crypto skilled instructed Yahoo! Finance. “Anybody who needs to play the Elon Musk recreation must be ready to lose all their cash.”

Reviewing Musk’s controversial “SNL” gig, Instances critic Robert Lloyd wrote, “The jokes hit a goodly variety of Muskean matters and previous tweets — Mars, vehicles, ‘The Matrix,’ smoking dope on Joe Rogan’s present, COVID-19 and cryptocurrency — with out digging deep on any of them.”

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