Elon Musk’s Latest Move Shakes Markets: Tesla and Dogecoin Connection Revealed.
DOGE chief Elon Musk said Monday that he is running his businesses “with great difficulty,” as shares of his automotive firm Tesla suffered their worst drop in a half-decade, and as his social media company X experienced several outages.
Musk also said during an interview on Fox Business that he expected to remain in the Trump administration for another year.
Tesla’s stock has fallen every week since Musk joined the Trump administration as head of the Department of Government Efficiency, which is engaged in a broad, controversial effort to reduce federal government spending and employee headcount.
The electric vehicle company has lost more than 50% of its market capitalization, equal to nearly $800 billion.
On Monday, Musk said there are currently more than 100 people on DOGE’s team, positioned in nearly every government agency.
He said that the number might increase to 200.
“It will be fine long-term,” Musk wrote in a tweet replying to a post on X that noted Tesla’s biggest single-day stop drops in history.
New developments in the ongoing relationship between Elon Musk, Tesla, and Dogecoin are sending shockwaves through financial markets. Recent statements from the Tesla CEO have reignited discussions about cryptocurrency’s role in mainstream commerce and its potential impact on traditional stock valuations.
Industry analysts observed unusual trading patterns following Musk’s cryptic social media post featuring Dogecoin’s Shiba Inu mascot alongside Tesla’s logo. This comes three years after Tesla briefly accepted Dogecoin payments for merchandise, a move that temporarily boosted the cryptocurrency’s value by over 30% within 24 hours.
The electric vehicle manufacturer’s stock (NASDAQ: TSLA) showed increased volatility this week, with some traders speculating about potential crypto-related announcements at Tesla’s upcoming shareholder meeting. While company representatives remain tight-lipped, blockchain analysts note a 400% surge in Dogecoin transactions involving Tesla-associated wallets since Monday.
Market experts warn investors to approach these developments cautiously. “Musk’s influence on both crypto and equities markets remains unprecedented,” said CNBC’s senior markets correspondent. “Any concrete partnership between Tesla and Dogecoin could rewrite the rules of corporate cryptocurrency adoption, but regulatory hurdles remain significant.”
As the situation develops, all eyes remain on Musk’s social media accounts and Tesla’s official communication channels. The coming weeks could prove pivotal for understanding how traditional markets will adapt to increasing cryptocurrency integration in blue-chip corporate strategies.
