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Tesla to accept dogecoin as payment for merchandise, says Musk

Stock Markets Dec 14, 2021 11:35AM ET
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© Reuters. FILE PHOTO: A representation of cryptocurrency Dogecoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration
 
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By Nivedita Balu

(Reuters) - Tesla (NASDAQ:TSLA) Inc chief Elon Musk said on Tuesday the electric carmaker will accept dogecoin as payment for merchandise on a test basis, sending the meme-based cryptocurrency up over 20%.

"Tesla will make some merch buyable with Doge & see how it goes," Musk said in a tweet. The carmaker's shares were down 3% in early trading, amid broader market declines. [.N]

Dogecoin, popular among retail investors, raced up to $0.20 after the tweet. Musk's tweets on the cryptocurrency, including the one where he called it the "people's crypto", have helped the meme coin soar 5,859% over the past year, according to data from Coinbase (NASDAQ:COIN) website.

"Elon Musk has been an advocate for the crypto community for many years. His latest announcement will usher in a new era of commerce and trailblaze a path for altcoins to expand their use case," said Chris Kline, co-founder of Bitcoin IRA.

Musk did not specify what merchandise, whose prices start from $50 and go as high as $1,900, could be bought with dogecoin.

Tesla sells apparel, 'Giga Texas' belt buckles and mini models of its vehicles as well as quirky limited-edition items such as the 'Cyberwhistle', which is modeled after its much-awaited Cybertruck. It recently launched a quad bike 'Cyberquad' for kids, also modeled after the truck.

Musk, a cryptocurrency supporter, has often endorsed dogecoin and said it is better for transactions, most recently in an interview to the Time magazine, which named him "Person of the Year" for 2021 on Monday.

He had asked users in May if they wanted Tesla to accept dogecoin in a Twitter (NYSE:TWTR) poll. He had called dogecoin a 'hustle' during his guest-host spot on the "Saturday Night Live" comedy sketch TV show in May.

Musk, who has over 66 million followers on Twitter, has been highly engaged in this year's retail trading frenzy, tweeting about cryptocurrencies and helping send their prices soaring.

The EV maker stopped accepting bitcoin for car purchases, less than two months after the company began to accept the world's biggest digital currency for payment.

"This is more or less noise at Tesla," Tom Martin, senior portfolio manager at Globalt Investment said. "I view it as being mercurial or just making fun."

Tesla to accept dogecoin as payment for merchandise, says Musk
 

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Comments (10)
Bev Mcguffee
Bev Mcguffee Dec 14, 2021 11:54AM ET
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Anyone, with or without influence, should be able to state whatever, if factual.  Likewise, anyone, with or without influence, can choose to respond or act at their own discretion.  This is our freedom of voice and freedom of choice.  However, if the sole purpose is to increase or decrease the price or cost (done everyday by many, especially Brokerage House analyst and Hedge Funds), there should be large penalties and fines because of public financial harm and loss.
Søren Kronberg
Søren Kronberg Dec 14, 2021 11:46AM ET
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This guy Musk needs to stop his madness
Ron Love
Ron Love Dec 14, 2021 11:38AM ET
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Wow, lots of angry people that Tesla will now take $30 in Doge to buy socks or a beenie that they have $2 cost into.
Michael Angelo
Michael Angelo Dec 14, 2021 11:14AM ET
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The Man of the year keeps playing on the narrow side. First was Tesla, survived only because money flood and subsidies. Later a fdw business related to it. Lastly the crypto... shows how serious are American institutions guarding people's trust...
Ron Love
Ron Love Dec 14, 2021 11:14AM ET
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Holy smokes you are right, if merch sales collapse then I’ll be forced to take 7-8 cents off my 1yr Tesla price target.
Chad RicherThanYou
Chad RicherThanYou Dec 14, 2021 10:35AM ET
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Enron Musk and his fraud back at it again
Jeff Gordon
Jeff Gordon Dec 14, 2021 9:59AM ET
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pump and dump. should be illegal for public figures
MW Locks
MW Locks Dec 14, 2021 8:39AM ET
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Respectfully I think most of the comments here miss the point entirely. The richest man in the world, a man who has already expressed his positive views on DOGE, has decided to begin accepting it as a form of payment for merchandise in order to conduct an experiment of sorts. If successful, the logical conclusion of which would be its eventual acceptance as a form of payment for Tesla vehicles. Why is this a bad thing? Like him or not I think it's safe to say that Elon Musk knows a few things about money. If there were ever someone who could help to spark the global transition away from fiat currency and the central banks that control it for the sole purpose of benefiting the wealthy elite, the politicians who serve them and a financial system that been built to enrich them it would have to be the world wealthiest individual. How is this a bad thing?
Arno Pfohl
JackR3acher Dec 14, 2021 6:45AM ET
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Indirect Fraud.
Simon Meszaros
Simon Meszaros Dec 14, 2021 6:14AM ET
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yep merchandise means advertisement so .. good. makes sense
Rihards Neiburgs
Rihards Neiburgs Dec 14, 2021 6:00AM ET
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Since when manipulation with stock market is ok?
Ron Love
Ron Love Dec 14, 2021 6:00AM ET
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What manipulation?? Absolutely no one factors in merch sales into their models, this should have 0 effect on the stock price.
 
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