Benzinga

Popular cryptocurrency analyst Ali Martinez drew attention to the fact that Elon Musk, who became the world’s first trillionaire, owns Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).

Is Musk ‘Orange-Pilled’?
In an X post, Martinez paired a line drawing of Musk with the Bitcoin logo, with the caption, “The world’s first TRILLIONAIRE owns Bitcoin. Let that sink in.”

Both of Musk’s companies, Space Exploration Technologies Corp. (NASDAQ:SPCX) and Tesla Inc. (NASDAQ:TSLA), indeed hold BTC in their reserves. In fact, these two are the only companies in the top 10 by market capitalization that hold BTC on their balance sheets.

SpaceX holds 18,712 BTC on hand as of March 31, recognized at a fair value of $1.29 billion. At current prices, this stash would be worth $1.19 billion. Tesla holds 11,509 BTC, worth more than $734 million, according to on-chain data.

Details about Musk’s personal BTC holdings remain sketchy. Back in 2020, he revealed he had only 0.25 BTC, but there has been no clear update since then.

Jim Cramer says SpaceX’s early post-IPO surge is starting to lose its meme-stock momentum.

In a post on X, Cramer said SpaceX “could not maintain its meme status” after the stock pulled back following several days of major gains. He said the stock appeared unable to “sustain the walk up.”

Cramer later added that SpaceX now has a “two-way market,” meaning both buyers and sellers are actively driving price action.

His view was that the stock can no longer be pushed higher purely by hype because sellers are now stepping in. “Can’t meme it; too many sellers,” he wrote.

The comments come after multiple analysts warned that SpaceX’s rapid rally had started to resemble the meme stock era of 2021.

Charlie Bilello of Creative Planning cautioned that the move echoed past speculative surges. Investor Gary Black also said SpaceX may be losing its meme-stock status as options trading gives investors a new way to bet against the stock.

Despite the pullback, SpaceX’s debut has still created enormous wealth for Elon Musk.

The rally helped push Musk’s net worth to about $1.3 trillion, making him richer than several major tech billionaires combined, including Alphabet cofounders Larry Page and Sergey Brin, and Amazon founder Jeff Bezos.