Elon Musk and Tesla’s Board Rejects Replacement Rumours
Elon Musk and Tesla’s leadership have dismissed a recent report from The Wall Street Journal (WSJ) alleging that the company’s board is actively seeking a successor for Musk. Tesla characterised the claims as “false” and “unethical”. The report suggested that board members expressed concerns over Musk’s involvement with a political initiative, the Department of Government Efficiency or D.O.G.E., and sought a public reaffirmation of his commitment to Tesla.
Despite a brief drop of 3.5% in Tesla’s stock, which is now valued at around US$280 (AU$438), the cryptocurrency Dogecoin (DOGE), accepted by Tesla for payments, surged over 5% during the same period — evidencing no significant panic within the market related to the replacement speculation. As of now, the price of DOGE stands at about US$0.182 (AU$0.29), reflecting a 15% increase over the past two weeks, according to CoinGecko.
In the face of these allegations, the company took to X (formerly known as Twitter) to assert confidence in Musk’s leadership:
"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."
Despite the wavering stock value, Dogecoin’s solid performance implies that investor confidence in Musk’s management remains steadfast. Tesla integrated DOGE into its merchandise store back in 2022, providing direct wallet support and a seamless payment experience, which has reportedly remained unaffected by recent speculations.
The Fallout: Market Response
The WSJ report has not only sparked debate but has intensified scrutiny towards the publication itself. Musk isn’t the only executive to voice concerns; notable figures in the digital asset space have similarly called out the WSJ for perceived bias and inaccuracy. Former Binance CEO, Changpeng Zhao, recently ridiculed another WSJ piece implying he would testify against TRON founder Justin Sun, quipping:
"They seem to have forgotten who went to prison and who didn’t."
This ongoing scrutiny reflects a deeper unease among various sectors regarding media representation and reporting standards.
Conclusion
While the dramatic decline in Tesla’s stock price over the past six months raises questions about investor sentiment, the overwhelming increase in Dogecoin’s value suggests a resilient market perception among crypto enthusiasts, distinct from traditional stock fluctuations. As these narratives unfold, the dynamic between Musk, Tesla, and media coverage will undoubtedly continue to evolve.
