Elon Musk Takes A Dig At NFT Investors

Tesla Inc TSLA Elon Musk made light of the non-fungible token hoopla sweeping investors.

What Happened: The entrepreneur tweeted an image on Thursday which contained a hypothetical party scene with a man standing in the corner wearing a party hat thinking to himself, “They don’t know I own this song’s non-fungible token.”

pic.twitter.com/Ngk8SJvDUW

— Elon Musk (@elonmusk) March 19, 2021

Musk tweeted earlier in the week that he had put up a song on NFTs on sale as an NFT. Even the tweet making that announcement was put on sale on v.cent, a platform for selling autographed tweets.

Why It Matters: The intensity of the NFT hype can be gauged by the fact that Musk’s song on NFTs attracted a buyer in the form of the artist Beeple, who offered $69 million for it.

Musk then changed his mind on selling the song saying, “Actually doesn’t feel quite right selling this. Will pass.”

Musk’s partner — the Canadian artist Grimes, Banksy, and Lindsay Lohan are just some of the few artists who have sold art as NFTs.

The NFT frenzy has also buoyed the stocks of companies loosely associated with the trend. These include Takung Art Co Ltd TKAT, which spiked 49% on Thursday in regular and after-hours trading. Jiayin Group Inc JFIN shares soared 84% on the same day in both sessions.

Related Link: How to Buy NFTs

Price Action: Tesla shares closed nearly 6.9% lower at $653.16 on Thursday and fell 0.4% in the after-hours session.

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Photo courtesy of JD Lasica via Flickr