The Impact Elon Musk’s SNL Appearance Had on the Market | #site_titleThe Impact Elon Musk’s SNL Appearance Had on the Market

The Impact Elon Musk’s SNL Appearance Had on the Market

Saturday Night Live ratings jumped 33% as Elon Musk made his appearance on America’s most popular comedy show. The tech-entrepreneur covered a wide range of topics including Tesla Inc. (NASDAQ: TSLA), SpaceX, Generation Z, Nintendo’s Wario, and of course Dogecoin (CRYPTO: DOGE-USD). While some argue over the quality of humor during the episode, there were some takeaways from Musk’s appearance that held ramifications for investors.

SNL’s ratings could’ve been even higher than they looked on the surface, as for the first time ever,  the show was live streamed on Youtube in over 100 countries. Additionally, a number of Tesla rivals took the opportunity to advertise their competing electric vehicles during the show. This included Ford’s Mustang Mach-E, Volkswagen’s VW ID.4, and Volvo’s XC-90 hybrid.  Lucid Motors also showcased its new Lucid Air, set to release later this year. Lucid seeks to become Tesla’s top competitor as its new vehicles will have a starting price of USD 77,400 and boast a 500-mile battery range, surpassing Tesla’s current range.

Rather than focusing on Tesla’s market, most investors were rather looking forward to what Musk would say in regards to Dogecoin or cryptocurrency in general. Elon Musk made headlines when Tesla purchased USD 1.5 Billion in Bitcoin back in February. Since then, many of his statements, mostly tweets, have sent the prices of crypto into a frenzy, especially Dogecoin which prior to SNL hit an all time high of USD .70.  Many investors retain high hopes for the meme-based currency to eventually reach USD 1. However, after Musk jokingly stated over a segment that Dogecoin was “a hustle”, its price fell 36% to roughly USD .41 hours after the show.

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