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 Elon Musk referred to this decline as a “rookie number.”
Background information:
Musk announced the launch of “Robotaxi,” a self-driving autonomous taxi service by Tesla on 8/8.
The US stock market saw a severe decline last Friday (19th), with AI concept stocks collectively plunging, and Nvidia, the AI chip leader, dropping 10%, marking its largest single-day decline since March 2020, causing a market value loss of over $20 billion.
Although Nvidia’s decline narrowed to 5.6% at the closing on Friday, this sharp drop shocked many netizens, who expressed their distress on social media platforms. Interestingly, one netizen’s tweet caught the attention of Tesla CEO Elon Musk.
The netizen’s tweet stated:
“Musk replied:
In other words, it seems like Musk was joking that a 10% drop in a day is nothing for Tesla.
Nvidia’s market value evaporated by $211.7 billion during the trading session, equivalent to the market value of 10 Dogecoin.
However, the collective stock market plunge was indeed terrifying. In addition to Nvidia’s 10% plunge and $211.7 billion market value loss, the seven major tech giants including Google, Microsoft, Meta, Tesla, and Amazon suffered a total loss of $950 billion in market value last week.
Someone compared Nvidia’s market value loss to find that it could buy an entire “Advanced Micro Devices (AMD).” The comparison was also made using cryptocurrency market value, where the market value loss could buy the total supply of 10 “Dogecoin.”
Musk is certified as the “Strongest Leek” by Guinness World Records.
Although Nvidia’s market value drop of over $211.7 billion is indeed an astonishing number, Musk does have the capital to mock it since he is certified by Guinness World Records as the “Strongest Leek.”
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, a loss of nearly $200 billion in less than a year, representing a 56.87% decline in assets.
On the other hand, according to Forbes’ official website, Musk currently ranks 2nd on the global billionaire list, while Nvidia CEO Jensen Huang ranks 20th.
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