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Musk says Tesla to accept dogecoin for merchandise

Stock MarketsJan 14, 2022 11:30AM ET
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© Reuters. FILE PHOTO: Representation of cryptocurrency Dogecoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Tesla (NASDAQ:TSLA) Inc will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the "Giga Texas" belt buckle and mini models of electric vehicles, Chief Executive Officer Elon Musk said in a tweet on Friday.

The move, which sent dogecoin prices 14% higher, comes a month after Musk said Tesla would test out the digital token as a payment option.

Musk, a vocal proponent of cryptocurrencies, has heavily influenced prices of dogecoin and bitcoin, and at one point had said the company would accept bitcoin for purchasing its cars before axing plans.

Tesla's merchandise, which also include the recently launched "Cyberwhistle" and "Cyberquad for Kids", are a hit with its fans, and usually sell out within a few hours of listing.

"Some have noted that goods for doge are selling out even faster than for dollars. This news is a good illustration of crypto's continued penetration of corporate culture," said Alex Kuptsikevich, senior financial analyst at FxPro.

Musk's tweets on dogecoin, including the one where he called it the "people's crypto", have turned the once-obscure digital currency, which began as a social media joke, into a speculator's dream. The token's price surged by about 4,000% in 2021.

Tesla disclosed last year it had bought $1.5 billion worth of bitcoin, and Musk has also said he owns some bitcoin and dogecoin.

Tesla is facing intense competition as legacy automakers such as Ford Motor (NYSE:F) Co as well as startups including Rivian Automotive are set to launch their electric cars this year.

Tesla's much-awaited Cybertruck will begin production in the first quarter of 2023, pushing back its plan to start production in late 2022, Reuters reported.

Musk says Tesla to accept dogecoin for merchandise
 

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Comments (7)
Alan Rice
Alan Rice Jan 16, 2022 2:03PM ET
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Cybertruck looks like it is well worth many doggie.....
Ron Love
Ron Love Jan 14, 2022 7:25AM ET
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Dang, who lot of people furious Tesla going to accept Dogecoin for some $30 socks that Tesla only has $2 cost into. 😏
Nkosinathi Hlophe
Nkosinathi Hlophe Jan 14, 2022 7:16AM ET
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Great job Musk
Ashly Alexander
Ashly Alexander Jan 14, 2022 7:09AM ET
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This would have worked in 2021 but today when central banks are reducing money supply noone with a sane mind will buy into this ....
bret lafrance
bret lafrance Jan 14, 2022 2:41AM ET
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why is this illegal, reuters pumps, BOA pumps, you pump?!
Steffen vdm
Steffen vdm Jan 14, 2022 1:59AM ET
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Dogecoin up 17% as we speak. Musk should be investigated
bert prince
bert prince Jan 14, 2022 1:51AM ET
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come on... he bought a lot of doge to its children and is now pumping it. what a scam
mohammad sakhaei
mohammad sakhaei Jan 14, 2022 1:51AM ET
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He is a cheat and a fraud if course, a true charlatan!
James Stuart
James Stuart Jan 14, 2022 1:51AM ET
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haha pump and dump. A true financial wizard. Making people millions, including himself. Yeah baby
 
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