Cryptocurrencies
Paltrow-Backed Bitcoin Miner TeraWulf Extends 2022 Drop
- TeraWulf plunges 17% Monday, adding to months-long decline
- Gwyneth Paltrow, Mindy Kaling are among celebrity backers
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TeraWulf Inc., a cryptocurrency miner that aims to be more environmentally friendly than peers, on Monday closed down 17% after paring a steeper decline that was the most since its reverse merger in December.
Earlier, the company’s shares slid as much as 33% to an all-time low of $4.03, adding to a persistent decline for the celebrity-backed crypto firm. The stock is down more than 80% since the company’s reverse merger with Ikonics Corporation and listing on the Nasdaq Stock Market at $25. TeraWulf stock stumbled right after its trading debut and about $800 million of its market capitalization has been wiped out since then.