Bitcoin, Dogecoin Slip As Elon Musk’s Tesla To Layoff 15,000 Employees

Elon Musk, also known as the ‘Dogefather,’ appears to be eyeing the layoff of a staggering 15,000 Tesla employees, in a move to significantly scale cost reductions and increase the productivity of his firm. Notably, following the surfacing of this workforce reduction plan, Dogecoin, a Musk-related meme coin, showcased a slight slip in its price trajectory, per Trading View data. This underscored Musk’s massive influence over the dog-based meme token, further underlining the highly turbulent nature of the crypto realm. Meanwhile, Bitcoin, the most popular cryptocurrency, noted a slip similar to DOGE, piquing significant investor attention.

Although Musk has no direct relation to BTC, it is worth noting that Tesla & SpaceX, both Musk’s firms, hold over $1 billion worth of BTC, per recent data by Arkham, a blockchain analytics platform. This stirred global speculations surrounding the brief slip in BTC & DOGE prices, with Musk’s business chronicle further weighing in.

Elon Musk To Layoff 15K Employees: Report

According to sources familiar with the matter, Tesla is making history with its 15K employees’ layoff, as this is the largest layoff in the firm’s history to date. In an email that was allegedly sent to Tesla employees today, Musk proclaimed that as the firm approaches its next phase of growth, the organization plans cutting 10% of its workforce globally.

Per the email sent to Tesla employees, although Musk’s decision to lay off causes immense dismay, its significance in streamlining the company’s future operations remains undefeated. Further, Musk’s email expressed gratitude for those who remain with the organization moving forward, while stressing the difficult work that lies ahead.

This chronicle, as a whole, appears to have faced backlash globally, as layoffs can negatively impact a company’s reputation, employee engagement, and profitability. Meanwhile, Dogefather’s coin, DOGE, also appears to have encountered a setback due to this, although its price traded primarily in the green. Further, Bitcoin, too, encountered a hurdle, although the BTC token traded primarily in the green as well.

Also Read: Germany’s Biggest Federal Bank Partners Bitpanda To Offer Crypto Custody

Dogecoin & Bitcoin Prices Jump, Although Charts Illustrate A Brief Slip

As of writing, the Bitcoin token’s price noted a 2.63% jump in the past 24 hours and is currently trading at $65,986. Meanwhile, the Dogecoin token jotted a 6.09% surge in the past 24 hours and is currently trading at $0.1619.

Intriguingly, despite the overall surge in prices over the past 24 hours, the tokens’ charts per Trading View showcased a brief slip in price action. This birthed speculations over the Dogefather’s not-so-optimistic business venture mentioned above and its potential negative impact on the tokens that are somewhat related to Musk.

Also Read: Top Reasons Why AI Cryptocurrencies Will Dominate The Market Next

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