Elon Musk details personal, SpaceX crypto holdings

Elon Musk details personal, SpaceX crypto holdings

Elon Musk

In a recent discussion on X (Twitter), Musk revealed he owns a “bunch” of one crypto and his space-focused companies holds another.

Elon Musk recently confirmed that he still held the popular memecoin, Dogecoin, and that his SpaceX company continues to hold bitcoin, the world’s largest cryptocurrency.

I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin,” Musk said.

His electric vehicle company Tesla similarly owns almost 10,000 bitcoin, making it the third-largest bitcoin holder of a public company. Its current bitcoin investments are valued at $275 million, according to a 2023 quarterly report. Although Tesla once boasted $1.5 billion in bitcoin on its books, that number has dwindled after Musk acknowledged bitcoin’s environmental footprint and subsequently sold 4,320 bitcoin in 2021, along with three-quarters of the rest of Tesla’s bitcoin in 2022.

Musk has long been a contentious figure in crypto circles, with any social media allusions to a memecoin like Dogecoin driving up its price. This has also landed the entrepreneur in murky legal waters, with one 2022 lawsuit from Dogecoin investors criticizing Musk for taking part in “transparent cryptocurrency market manipulation” in order to “pad his obscene fortune.” Musk’s lawyers have rejected this claim, insisting that Musk’s frequent references to Dogecoin – a cryptocurrency designed as a joke but now carrying a market capitalization of $11.6 billion – were entirely lawful.

Still, Dogecoin investors behind the lawsuit say Musk carried out “carnival barking market manipulation and insider trading” by referencing Dogecoin on an episode of Saturday Night Live and in his Twitter (now X) posts.

Musk’s recent references to Dogecoin, however, have failed to spark significant price changes for the memecoin, potentially signaling that the Tesla CEO no longer wields as much influence over crypto markets as originally assumed.

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