Dogecoin DOGE/USD has outperformed the stock of Elon Musk-led Tesla TSLA in 2022.
What Happened: TSLA has lost 68% this last year and traded at $125 on Thursday. The stock's market price reached $399 in January and has ever since been crumbling.
On the other hand, despite overall choppy crypto markets, Musk’s favorite DOGE is outperforming TSLA. It is down only 58% so far this year, with the market cap standing at $10 billion.
See More: Best Crypto Day Trading Strategies
Tesla stocks took a shocking dive on Thursday with a near 9% decline following the company’s announcement to reduce the prices of their Model 3 and Model Y vehicles by $7,500 for delivery this month across the U.S.
During a Twitter Spaces talk centered around Musk on Thursday, he emphatically stated that he will not sell any Tesla shares next year "under any circumstances." He went on to explain that while Tesla's board is open to a buyback, they will evaluate the situation better when the scale of a potential 2023 recession becomes more clear. "If it looks like we are doing OK and the stock price is absurdly low, my vote would be to do a buyback," Musk said.
This statement comes after Musk declared in April that he was done selling Tesla shares to help finance his ongoing overhaul at Twitter, Musk has gone on to sell more than $20 billion worth of Tesla stock.
This sparked fears of tumbling demand and added fuel to the fire, with Musk already offloading $3.5 billion worth of shares last week.
Price Action: At the time of writing, DOGE was trading at $0.078, up 6.69% in the last 24 hours, according to Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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