Dogecoin Unfazed as Elon Musk Rubbishes Report of His Exit From Tesla

Dogecoin (DOGE) prices remained relatively stable following reports that Tesla was seeking a new CEO to replace Elon Musk. These reports, later denied by Tesla, caused minor fluctuations in DOGE's price.

Over the past 24 hours, DOGE traded between $0.16 and $0.17, mirroring the overall market's lack of significant movement. Musk's known support for Dogecoin means that news related to him and his companies often impacts the memecoin's price.

According to the Wall Street Journal, Tesla board members contacted several executive search firms approximately a month ago to explore potential replacements for Musk, citing his involvement with the Trump administration as a concern. The board subsequently met with Musk and requested a public commitment to dedicating more time to Tesla.

Tesla swiftly refuted the report on its X account, stating, "This is absolutely false (and this was communicated to the media before the report was published). 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 himself later called the report a "deliberately false article."

Since early 2022, Tesla has accepted DOGE – its only supported cryptocurrency – as payment for merchandise on its website. Customers can directly link their DOGE wallets to the site to purchase goods.