In Crypto Twitter Elon Musk Explains His Cryptocurrency Holdings

In Crypto Twitter Elon Musk Explains His Cryptocurrency Holdings, Including SpaceX.

17 January 2024

Elon Musk, the renowned entrepreneur and SpaceX CEO, has recently affirmed in crypto twitter his continued investments in cryptocurrencies, specifically Dogecoin and Bitcoin. Musk’s acknowledgment of his and his company’s holdings in these digital currencies has drawn significant attention from the crypto world.

As per Musk’s statement, he remains a substantial holder of Dogecoin, the meme-inspired cryptocurrency, while his space exploration venture, SpaceX, continues to maintain a substantial investment in Bitcoin, the leading cryptocurrency globally. 

Moreover, Tesla, Musk’s electric vehicle giant, also holds nearly 10,000 Bitcoin, ranking it as the third-largest Bitcoin holder among public companies. As per Tesla’s 2023 quarterly report, the current valuation of its Bitcoin investments stands at a significant $275 million.

However, Tesla’s Bitcoin portfolio has seen significant fluctuations. Initially, the company had about $1.5 billion worth of Bitcoin on its balance sheet. The assets’ volume significantly reduced when Musk expressed concerns regarding Bitcoin’s environmental impact, leading to Tesla selling off 4,320 Bitcoin in 2021 and three-quarters of the remaining Bitcoin in 2022.

Musk’s crypto-involvements have generated some extra controversy in crypto twitter. His social media mentions of Dogecoin have been known to cause considerable price surges, drawing criticism from some quarters. In 2022, he faced a lawsuit from Dogecoin investors accusing him of engaging in “transparent cryptocurrency market manipulation” to increase his wealth. However, Musk’s legal team has vehemently denied these allegations, asserting that his frequent Dogecoin mentions were entirely within legal bounds.

Despite the lawsuit, Dogecoin investors allege Musk engaged in “carnival barking market manipulation and insider trading” by mentioning Dogecoin during a Saturday Night Live episode and on his social media posts. Interestingly, his recent references to Dogecoin have not significantly influenced the cryptocurrency’s price, suggesting that perhaps Musk’s influence on crypto markets might not be as powerful as previously thought.

< Back