Glauber Contessoto, a well-known Dogecoin DOGE/USD investor, questioned the financial wisdom behind owning Tesla Inc. TSLA electric vehicles, sparking a debate on the value of its early adoption.
What Happened: Contessoto, popularly known as SlumDOGE Millionaire, took to X Wednesday to point out the drastic drop in prices of EVs manufactured by the tech giant, particularly the Model Plaid X and Model Y.
His comments came in reaction to X user Teslaconomics, who called buying any vehicle other than a Tesla “financial suicide.”
"Ask any early Plaid X owner that paid $160k for their car how they feel about it now that you can buy one for $93k," Contessoto argued. "Ask anyone that paid $70k for their Model Y if it was a smart financial decision now that you can buy one for $44k."
Users countered his argument saying early tech costs more, and value depreciation is inevitable.
Updated pricing available on Tesla's website showed Model X Plaid valued at $92,990, while Model Y dual-motor AWD, Long Range priced at $47,990.
See Also: Jack Dorsey’s Block Makes Historic Bitcoin Mining Chip Sale To Core Scientific: ‘Our First Mining Chip Customer!’
Why It Matters: SlumDOGE Millionaire is known to be a Tesla bull and expressed confidence that it'll become the world's most valuable company by 2028.
The trader gained fame for his early and unwavering belief in the dog-themed meme token Dogecoin. He has previously emphasized the importance of conviction in cryptocurrency investments.
Like other members of the DOGE fanbase, SlumDOGE Millionaire is a strong supporter of the memecoin’s incorporation as a payment method within Tesla. The belief has grown in response to Tesla CEO Elon Musk’s frequent social media posts on the cryptocurrency.
Price Action: At the time of writing, Dogecoin was trading at $0.1078, down 1.9% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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