- Billionaire Tesla CEO Elon Musk says he’s holding on dogecoin, the volatile cryptocurrency.
- “I haven’t and won’t sell any,” he told a Twitter user on Thursday.
- Musk’s commentary has been associated with wild swings in the value of cryptocurrencies.
- Visit the Business section of Insider for more stories.
The ever-volatile meme-based cryptocurrency, dogecoin, just got another shoutout from billionaire Tesla CEO Elon Musk on Thursday afternoon.
“I haven’t and won’t sell any,” Musk said on Twitter in response to a thread speculating on whether or not he would sell his holdings of the mercurial cryptocurrency. It’s unclear how much money Musk has invested in dogecoin, but he’s apparently not divesting anytime soon.
Earlier on Thursday, a tweet in the same thread started by Musk sent dogecoin value shooting up 15%.
“How much is that Doge in the window?” the tweet said, accompanied by an image of a laptop with a sticker on it. The image on the sticker is of a dollar bill, albeit with a Shiba Inu from the original 2013 “doge” meme as the central figure rather than George Washington.
Musk is notoriously vocal about cryptocurrencies on social media.
On Wednesday, he tweeted out a meme that appeared to indicate Tesla will hold on to its bitcoin amid a major crypto crash.
“Tesla has 💎 🙌 ,” Musk said. “Diamond hands,” as KnowYourMeme explains, is a reference to “traders who believe in the eventual profitability of their stocks and securities and keep holding them while their value drops.”
Bitcoin, ethereum, and other cryptocurrencies experienced a major crash on Wednesday: The 10 most valuable cryptocurrencies by market cap dropped by double digits, with one exception.
It appears Tesla, according to Musk’s tweet, isn’t going to sell its cache of bitcoin. The company did, however, recently stop accepting bitcoin for its vehicles — a move that may have helped to spur this week’s drop in value.
Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
