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Dogecoin Unfazed as Elon Musk Rubbishes Report of His Exit From Tesla
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By Shaurya Malwa|Edited by Parikshit Mishra
Updated May 1, 2025, 1:56 p.m. Published May 1, 2025, 6:12 a.m.
- 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.
Dogecoin (DOGE) 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.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
