Elon Musk says that SpaceX is going to ‘put a literal Dogecoin on the literal moon’

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Elon Musk.

  • Elon Musk tweeted Thursday morning that SpaceX is going to put a dogecoin “on the literal moon.”
  • Musk regularly tweets memes about both the cryptocurrency and its namesake Shibu Inu.
  • His company is planning its first civilian space flight to the moon in 2023.
  • See more stories on Insider’s business page.

SpaceX CEO Elon Musk tweeted on Thursday that the aerospace company plans to put “a literal Dogecoin on the literal moon.”

Musk is a vocal fan of the cryptocurrency, and has even bought some for his nine-month old son.

He frequently tweets memes starring Shibu Inus, the “doge” dog breed that gives the cryptocurrency its icon and name. He has also said that he plans to buy a Shibu Inu.

Read more: Elon Musk is pumping stocks, cryptocurrencies, and the energy of 49 million loyal followers to dizzying heights. Experts break down the risks of his incessant tweets, from legal trouble to losses for small investors.

This isn’t the first time Musk has alluded to putting the currency on the moon. In late February, he tweeted a meme of a Shibu Inu in a spacesuit on the moon holding a dogecoin flag.

The phrase “to the moon” is used by traders when they expect stock pricing to surge.

It was used during the GameStop saga in January, when Redditors said they would pump several so-called meme stocks “to the moon.”

Cryptocurrency site Cointelegraph reported that, of the 12 people who have walked on the moon, none brought any currency with them.

Musk’s tweet didn’t specify whether he wanted to bring a physical dogecoin coin to the moon, which are sold as memorabilia but do not function as currency.

SpaceX is planning the first commercial, civilian flight round the moon in 2023, with passengers picked by Japanese billionaire Yusaku Maezawa.

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Tesla’s extends 2-day plunge to 20% as epic rally takes a breather

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Elon Musk

  • Tesla tumbled as much as 12.2% on Tuesday, extending losses following a similarly sized plunge the session prior.
  • The sell-off has dragged shares to their lowest since December and led CEO Elon Musk to relinquish his title as the world’s richest person.
  • Tesla’s latest slump follows confusion over Model Y availability and risk from plummeting bitcoin prices.
  • Watch Tesla trade live here.

Investors continued to dump Tesla on Tuesday, dragging shares to their lowest level since late December.

The automaker sank as much as 12.2% after markets opened. The drop is set to extend a three-day losing streak for Tesla stock that intensified at the start of the week. The Wednesday-to-Monday losses have seen Tesla’s total market cap drop by $80 billion and led CEO Elon Musk to relinquish his title of the world’s wealthiest person.

Tesla traded at a record high of $900 just one month ago as extreme bullishness toward the company’s growth fueled massive gains. Valuation concerns cut into the rally and saw shares waver around $850 through much of February.

Shares closed 9% lower on Monday after the company reportedly halted new orders for the lowest-price version of its Model Y crossover. Musk clarified in a Monday tweet that the model was still available “off menu,” adding he doesn’t think the vehicle’s range “meets the Tesla standard of excellence.”

The move came less than a week after Tesla slashed the variant’s price to $39,990 from $41,990. The automaker also lowered prices for longer-range Model Y versions and its Model 3 sedan.

The price adjustments are “all a poker move” meant to stoke demand for Model Y and Model 3 in China, Wedbush analyst Dan Ives told Insider in an email. Ives has repeatedly deemed China a “linchpin” for Tesla’s continued growth.

The decline was also driven by Musk’s warning of elevated cryptocurrency prices. The CEO took to Twitter on Saturday to caution that bitcoin and Ether prices “do seem high” following the tokens’ recent rallies. Bitcoin surged to record highs earlier in February after Tesla announced it purchased $1.5 billion of the cryptocurrency as a reserve asset.

Musk’s comments contributed to a sharp reversal of the token’s gains. Bitcoin sank below $45,000 on Tuesday, placing the cryptocurrency on track for its biggest single-day loss since March 2020.

Investors are now “starting to tie bitcoin and Tesla at the hip,” Wedbush’s Ives said in a Tuesday note. While the automaker’s investment initially garnered a $1 billion return, the cryptocurrency’s sell-off has pushed some shareholders to sell, he added.

Tesla closed at $714.50 per share on Monday, up 2.8% year-to-date. The company has 25 “buy” ratings, 47 “hold” ratings, and 20 “sell” ratings from analysts.

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