Elon Musk Considers Dogecoin for Tesla Payments Again

Elon Musk Considers Dogecoin as a Payment Option for Tesla Products

Tesla CEO Elon Musk has expressed interest in reintroducing Dogecoin as a payment method for Tesla products. This statement follows the dismissal of a lawsuit that alleged Musk and Tesla engaged in a Dogecoin pump-and-dump scheme.

Previous Dogecoin Acceptance at Tesla

In January 2022, Tesla briefly accepted Dogecoin payments for its products. However, the option was later discontinued without explanation.

Musk's Support for Dogecoin

Musk has repeatedly expressed his support for Dogecoin, influencing its price movements with his actions. His defense of the cryptocurrency has also faced legal scrutiny.

Dismissal of Lawsuit

On August 29, a $258 billion class-action lawsuit against Musk and Tesla was dismissed. The lawsuit alleged that Musk and Tesla manipulated Dogecoin's price through misleading statements and insider trading.

Judge's Ruling

The judge concluded that Musk's statements about Dogecoin were exaggerated enthusiasm rather than factual claims that could mislead investors. He dismissed the pump-and-dump allegations, stating that no reasonable investor would rely on Musk's statements.

Market Impact

Despite these developments, Dogecoin's price has declined by over 2% in the past 24 hours. This reflects a broader market downturn, with Bitcoin and other major cryptocurrencies experiencing losses.