The US stock market experienced a significant decline last Friday (19th), with AI chip leader Nvidia plummeting 10%, marking its largest drop since March 2020. However, Tesla CEO Musk referred to this decline as a “rookie number”.
Background:
Musk plans to expand charging fees for new users, but critics believe it will hinder growth.
Last Friday (19th), the US stock market saw a severe decline, with AI concept stocks collectively plummeting. AI chip leader Nvidia experienced a massive drop of 10%, marking its largest single-day decline since March 2020, resulting in a market capitalization loss of over $20 billion.
Although Nvidia’s decline narrowed to 5.6% at the close of last Friday, this dramatic drop shocked many netizens, who expressed their distress on social media platforms. Interestingly, one netizen’s tweet managed to provoke a response from Tesla CEO Elon Musk.
The netizen’s tweet stated:
Musk replied:
Implied by Musk’s response is the notion that a 10% drop in a day is insignificant for Tesla.
Within trading hours, Nvidia’s market capitalization evaporated by $211.7 billion, equivalent to the market value of 10 Dogecoin.
However, the collective market decline of US stocks at that time was indeed terrifying. Besides Nvidia’s 10% plunge and $211.7 billion market capitalization loss, the seven major tech giants including Google, Microsoft, Meta, Tesla, and Amazon collectively suffered a combined loss of $950 billion in stock market value last week.
Someone compared Nvidia’s market capitalization loss to the acquisition cost of an entire “Advanced Micro Devices (AMD)” and used the cryptocurrency market value as a reference, stating that the market capitalization loss could purchase the total supply of 10 “Dogecoin.”
Musk holds the Guinness World Records as the “Most Resilient Shareholder.”
Although Nvidia’s market capitalization loss of over $211.7 billion is indeed an astonishing figure, Musk certainly has the capital to mock, as he holds the Guinness World Record as the “Most Resilient Shareholder.”
According to the Guinness World Records official website, Musk’s assets dropped from a peak of $320 billion in November 2021 to $138 billion on January 3, 2023, representing a loss of nearly $200 billion over the course of a year, with assets declining by 56.87%.
On the other hand, according to Forbes’ official website, Musk currently ranks second on the global billionaire list, while Nvidia CEO Jensen Huang ranks 20th.
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