Elon Musk, CEO of Tesla (NASDAQ: TSLA), has addressed the possibility of launching a cryptocurrency, considering his influence in the space. This came after reports alleged that X (formerly Twitter) had introduced a crypto token, as the company is in the process of rebranding to X. Musk addressed these rumors in a tweet on August 5th, denying the possibility of the company ever launching a crypto token, confirming “we never will.”
It is worth noting that Musk’s involvement in cryptocurrencies cannot be overlooked. He has publicly expressed his fondness for Dogecoin (DOGE), and the meme-based cryptocurrency continues to remain relevant due to these endorsements. Despite his active interest in cryptocurrencies, Musk has advised against investing in the sector, as reported by Finbold.
With Twitter’s rebranding also focusing on facilitating transactions in the financial world, speculations about tokens like Dogecoin potentially finding significant use cases in the ecosystem have arisen, and Musk’s statement has sparked further speculation that the company may turn to Dogecoin, potentially boosting its value. However, a $258 billion lawsuit has recently been filed against Musk and his companies, accusing them of manipulating Dogecoin’s value as part of a racketeering scheme to support the meme cryptocurrency.
