Tesla Holds Bitcoin Steady, Musk Ditches Trump’s DOGE Taskforce… Again

by
  • Musk to dial back DOGE role, focus on saving Tesla from its midlife crisis
  • Tesla keeps its Bitcoin stash as crypto crashes, but hey, new FASB rules help!

Ah, Tesla. The company that can’t seem to decide if it’s in the electric car game, the cryptocurrency business, or a low-budget political soap opera. Despite CEO Elon Musk’s recent attempt to juggle both the auto industry and his role as the mastermind behind Trump’s inefficiency department (yes, really), Tesla decided to hold onto its Bitcoin [BTC] in the first quarter of 2025. Talk about commitment issues, huh?

Yes, that’s right. While the world wondered if Musk’s political distractions were tanking Tesla’s sales, he declared he was “scaling back” his duties with the Department for Government Efficiency (D.O.G.E.) to save his first love—Tesla. According to Musk, he’s now “just one or two days a week” in Washington, likely while wearing a cape made of taxpayer dollars.

This decision follows a string of global protests against the carmaker, as people got tired of Musk playing both businessman and political figurehead. He assured shareholders that Tesla would get all of his attention now—at least until the next big government gig comes calling.

Impact on Tesla’s stock price (Spoiler: It’s a rollercoaster)

Meanwhile, Tesla’s Bitcoin holdings took a slight hit in Q1 2025, dropping 11.61%—from $1.076 billion to $951 million. Bitcoin also had a little cry, with its price falling 11.56% to $82,514, according to CoinGecko. Oh, the volatility! It’s almost like the crypto market is a giant rollercoaster, but with way more memes and fewer safety regulations.

But fear not, the crypto king has bounced back—Bitcoin now trades at $93,698 after a 5.26% boost in the last 24 hours. Tesla’s Bitcoin stash, which hasn’t budged since June 2022, is suddenly looking like a decent investment again, with its valuation creeping up to over $1.07 billion. All thanks to the magic of market recovery and some new Financial Accounting Standards Board (FASB) rules. Who knew accounting could be so exciting?

For context, under the new FASB rule, public companies can now value their crypto assets at fair market value, instead of reporting only losses unless they sell. It’s like the accounting world went from playing Monopoly to being the high-stakes poker table at a Vegas casino.

And, of course, Musk’s announcement that he’s stepping away from DOGE and the government completely flipped the investor mood, sending Tesla’s stock up 5.4% after-hours to $250.80. Maybe he’s onto something? The price then settled at $237.97 after a 7.27% bump by the end of the trading day. Investors were feeling better. Who knew that Musk getting less involved could actually help?

His previous promises… Remember those?

On April 22, Musk took a breather from his usual antics and reassured investors that starting in May, he’ll cut back on his government work to focus on Tesla. With the “foundational work” of the Department for Government Efficiency (that still sounds like a bad sitcom) done, Musk will now only give DOGE a few days a week. A generous two days, at most. So, rest easy, crypto fans—he’s still on the job, just in a less “I’m running the world” kind of way.

But don’t think he’s lost his touch. Musk has historically moved markets with his tweets, especially when it comes to Dogecoin [DOGE]. However, in a rare moment of clarity (or maybe just a really good PR strategy), he made it clear that neither he nor the U.S. government have any plans to “officially” adopt Dogecoin. Well, that’s one less thing to worry about—unless you’re a DOGE fan, in which case, sorry about your luck.

As the market sentiment slowly climbs back from the abyss, Musk’s shifting focus could be exactly what Tesla needs. Maybe. We’ll see. But one thing’s for sure: With Musk at the helm, the ride is never boring.

Read More

2025-04-24 08:15