Musk Financial News

Musk has said he will keep supporting and buying Dogecoin, a cryptocurrency he has been vouching about for years. Amid the 'crypto winter', Dogecoin digital currency has tumbled from its high of nearly $0.74 to just over $0.05 in recent days. In a tweet on Sunday, Musk said: «I will keep supporting Dogecoin.»

The token, born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, on Tuesday surged to 10 cents around 1500 EST from 7 cents as Elon Musk indicated in a tweet he had delivered on his promise of changing the social media app's logo to dogecoin's dog. With a market capitalization of $13.7 billion, dogecoin is now the seventh biggest cryptocurrency, according to data site CoinMarketCap.com. Its market value stood at around $10 billion before the news. Musk, who is ranked the second-richest person in the world by Forbes, is a vocal proponent of cryptocurrencies and has heavily influenced prices for dogecoin and bitcoin in the past.

ADA, the native token of the Cardano blockchain, was last trading around 1.5% higher on Wednesday according to TradingView. Cardano’s native token is higher in tandem with a broad rally across crypto markets, which comes despite a more tentative feel to broader macro trade ahead of upcoming risk events. The cryptocurrency was last changing hands in the mid-$0.31s, meaning it now trades back in the green on the week and is up a little over 6% versus the fresh annual lows it hit under $0.30 last week.

bitcoin plunged to its lowest point since 2020. Coinbase, the large cryptocurrency exchange, tanked in value. A cryptocurrency that promoted itself as a stable means of exchange collapsed. And more than $300 billion was wiped out by a crash in cryptocurrency prices since Monday. The crypto world went into a full meltdown this week in a sell-off that graphically illustrated the risks of the experimental and unregulated digital currencies. Even as celebrities such as Kim Kardashian and tech moguls like Elon Musk have talked up crypto, the accelerating declines of virtual currencies like bitcoin and ether show that, in some cases, two years of financial gains can disappear overnight. The moment of panic amounted to the worst reset in cryptocurrencies since bitcoin plummeted 80% in 2018. But this time, the falling prices have broader impact because more people and institutions hold the currencies. Critics said the collapse was long overdue, while some traders compared the alarm and fear to the start of the 2008 financial crisis.

Musk break securities laws again? Former securities officials and professors said Musk may have missed a key disclosure deadline when he bought 9% of Twitter. And Securities and Exchange Commission regulators could use any shortfall to try to punish Musk more for other lapses, some believe. Musk on Monday disclosed that he bought a 9.2% stake in Twitter Inc, making him the micro-blogging site's largest shareholder and triggering a rise of more than 27% in the company's shares. The filing said March 14, 2022 is the date of the event that requires the statement.

Dogecoin got another boost from Elon Musk on Tuesday and the coin climbed over 9 per cent compared to last day, which pared losses for investors who have suffered a lot during the week. Musk, who is the founder of Tesla and SpaceX, said he would eat a Happy Meal on TV if Fast food giant McDonald’s starts accepting Dogecoin. Happy Meal is one of the prominent items on the menu by McDonald's. «The Dogefather is back to pumping Dogecoin. It remains to be seen if McDonalds complies with Musk’s request. Musk is consciously expanding the utility of Dogecoin beyond a few select Tesla merchandise,» said Sharat Chandra, VP- Research and Strategy, EarthID, a self-sovereign Identity Management Platform.