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Dogecoin Unfazed as Elon Musk Rubbishes Report of His Exit From Tesla
Updated May 1, 2025, 1:56 p.m. Published May 1, 2025, 6:12 a.m.
What to know:
- Dogecoin prices remained stable despite reports of Tesla searching for a new CEO to replace Elon Musk, which the company denied.
- Tesla board members reportedly considered replacing Musk due to his involvement with the Trump administration, but Musk and Tesla refuted these claims.
- Tesla has accepted Dogecoin for merchandise payments since early 2022, allowing users to connect their DOGE wallets for transactions.
prices were little-changed after reports of carmaker Tesla searching for a new CEO to replace technocrat Elon Musk, which the company later refuted.
DOGE prices wobbled between the 16-17 cents mark in the past 24 hours, in line with a flat market. Musk is a known dogecoin backer whose comments, or developments at his companies, tend to impact the memecoin’s prices.
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Tesla board members reached out about a month ago to several executive search firms to replace Musk, sparked by his heavy involvement with the Trump administration, per WSJ. The board members met Musk and asked him to acknowledge publicly that he would spend more time at Tesla.
“This is absolutely false (and this was communicated to the media before the report was published),” Tesla’s X account said early Thursday. “The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”
Musk called the report a "deliberately false article" in a follow-up post.
Tesla has accepted DOGE — the only token it supports — for merchandise payments on its site since early 2022. Users can directly connect their DOGE wallets to the site and transfer assets to Tesla’s Dogecoin wallets for purchases.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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