💥Musk wipes out $88 billion in 5 days! “Former trillionaire” mocks himself and goes viral—will the crypto market follow the drop this time?
Just days after putting on the “world’s first trillion-dollar billionaire” crown, Musk has been dragged back down to earth by the market this week.
Tesla plunged 18% over the week, closing at $313.03—its worst weekly performance since 2022. SpaceX was even worse: it has fallen about 43% from its IPO peak, closing at $115.07. With both companies delivering a “double blow,” Musk has vaporized $130 billion in five days (about RMB 88 billion). On X, he joked as a “(former) trillion-dollar billionaire”—that mindset will sound all too familiar to veteran crypto “old-timers”: it’s basically the déjà vu of unrealized gains plus leverage, only to wake up overnight back in the days of liberation.
When tech stocks whip violently, can the crypto market really stay out of it? Bitcoin is currently hovering around 64,462 USDT. In the short term, it’s being suppressed by weakened correlation with risk assets. And the history of how one line from Musk can send Dogecoin jumping up and down is still fresh—this week he just admitted his “political involvement went too far,” and DOGE dropped more than 5%, briefly falling below $0.07. Binance founder CZ even chimed in to joke that this is a “new definition of getting rich early.”
Even more worrying is that Wall Street is forming a new strategy—“excluding Musk.” Some institutions have applied to launch an ETF that systematically excludes companies related to Musk. When the market starts pricing in “founder risk,” how long can assets propped up by celebrity effect hold up?
The world’s richest man used RMB 88 billion to give us a lesson: no matter how dazzling the narrative is, it can’t withstand a slap from the fundamentals. Crypto folks, let’s all take this as a reminder.
#加密市场观察 #SpaceX星舰完成上市后首次成功试飞 $SPCX
Just days after putting on the “world’s first trillion-dollar billionaire” crown, Musk has been dragged back down to earth by the market this week.
Tesla plunged 18% over the week, closing at $313.03—its worst weekly performance since 2022. SpaceX was even worse: it has fallen about 43% from its IPO peak, closing at $115.07. With both companies delivering a “double blow,” Musk has vaporized $130 billion in five days (about RMB 88 billion). On X, he joked as a “(former) trillion-dollar billionaire”—that mindset will sound all too familiar to veteran crypto “old-timers”: it’s basically the déjà vu of unrealized gains plus leverage, only to wake up overnight back in the days of liberation.
When tech stocks whip violently, can the crypto market really stay out of it? Bitcoin is currently hovering around 64,462 USDT. In the short term, it’s being suppressed by weakened correlation with risk assets. And the history of how one line from Musk can send Dogecoin jumping up and down is still fresh—this week he just admitted his “political involvement went too far,” and DOGE dropped more than 5%, briefly falling below $0.07. Binance founder CZ even chimed in to joke that this is a “new definition of getting rich early.”
Even more worrying is that Wall Street is forming a new strategy—“excluding Musk.” Some institutions have applied to launch an ETF that systematically excludes companies related to Musk. When the market starts pricing in “founder risk,” how long can assets propped up by celebrity effect hold up?
The world’s richest man used RMB 88 billion to give us a lesson: no matter how dazzling the narrative is, it can’t withstand a slap from the fundamentals. Crypto folks, let’s all take this as a reminder.
#加密市场观察 #SpaceX星舰完成上市后首次成功试飞 $SPCX