Cryptocurrency Company Backed by Gwyneth Paltrow Flops in Stock Market Debut
Shares of TeraWulf, a cryptocurrency miner backed by actress Gwyneth Paltrow — who sells candles that she says smell like her genitalia — fell sharply during the company’s public trading debut on the Nasdaq stock market.
The drop in share price arrives amid a broader drop in the shares of other cryptocurrency miners, which use massive amounts of computing power while competing to win freshly minted tokens for processing transactions, according to a report by Bloomberg.
The quantity of electricity used is equal to the amounts by some nations, the report adds.
LOS ANGELES, CALIFORNIA – JANUARY 21: Gwyneth Paltrow attends the goop lab Special Screening in Los Angeles, California on January 21, 2020. (Photo by Rachel Murray/Getty Images)
A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. / AFP PHOTO / JACK GUEZ (Photo credit should read JACK GUEZ/AFP/Getty Images)
Moreover, crypto mining stocks have reportedly been “hard hit” following the sharp selloff in Bitcoin prices and concern of falling profitability, according to Chris Brendler, an analyst covering the industry at DA Davidson & Co.
“Profitability has fallen dramatically,” Brendler said. “The price of Bitcoin going down and global hash rate going up means bad news for miners.”
In recent months, many celebrities have attempted to cash in on the recent NFT (non-fungible token) craze, but for some, it has turned out to be less than profitable. Pro-China actor and wrestler John Cena has described an NFT project he was involved in as a “catastrophic failure.”
While Paltrow’s dabbling in the cryptocurrency market takes a dive, her genitalia and orgasm-scented candle business has also appeared questionable.
Earlier this year, a British woman who owned one of Paltrow’s “This Smells Like My Vagina” candles said that “Gwyneth’s vagina candle exploded in my living room.”
“I’ve never seen anything like it. The whole thing was ablaze,” the woman said of the incident. “It could have burned the place down.”
In May, Paltrow’s Goop company was reportedly being sued by a customer who claimed the vagina-scented candle he had bought caught fire and exploded. The customer alleged the product can cause injuries and is “inherently dangerous.”
You can follow Alana Mastrangelo on Facebook and Twitter at @ARmastrangelo, and on Instagram.
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