Elon Musk, nicknamed the “Dogefather,” is considering laying off approximately 15,000 Tesla employees in an attempt to reduce costs substantially and enhance productivity within his company. Concurrently, Dogecoin, a cryptocurrency linked to Musk through memes, experienced a minor price drop according to Trading View data. This incident highlights Musk’s considerable impact on DOGE and emphasizes the volatile crypto market. Simultaneously, Bitcoin, the most widely used cryptocurrency, displayed a comparable decrease in value, generating notable interest among investors.
Musk may not personally own Bitcoin (BTC), but it’s important to mention that Tesla and SpaceX, companies led by Musk, collectively hold over a billion dollars’ worth of BTC as reported by Arkham, an analytics platform. This revelation has sparked widespread conjecture about the influence on BTC and Dogecoin (DOGE) prices, with Musk’s business background adding to the intrigue.
Elon Musk To Layoff 15K Employees: Report
Based on insider reports, Tesla is setting a new record with its latest round of layoffs, affecting around 15% of its global workforce or approximately 3,000 employees. In an email reportedly sent to staff members today, Elon Musk announced that these reductions are necessary as Tesla enters a new stage of expansion.
According to the email Tesla employees received, Elon Musk’s choice to let go of staff members is regrettable but essential for improving the company’s future business processes. Moreover, Musk’s message conveyed appreciation towards those continuing with the company and highlighted the challenging tasks that are ahead.
The entire account of this situation has met with criticism worldwide, since layoffs can lead to negative consequences for a company’s public image, employee morale, and financial gains. Simultaneously, DOGE, the digital currency spearheaded by Dogefather, has suffered a setback, although its price predominantly remained upward. Similarly, Bitcoin experienced an obstacle, even though the majority of its token trades continued to increase in value.
Dogecoin & Bitcoin Prices Jump, Although Charts Illustrate A Brief Slip
At present, Bitcoin’s price has risen by 2.63% over the last 24 hours and is now being bought and sold for $65,986. On the other hand, Dogecoin experienced a 6.09% increase in value during the same time frame and is currently worth $0.1619 per token.
It’s interesting to note that while cryptocurrency prices have generally risen during the last 24 hours, some tokens’ price charts on Trading View reveal a momentary dip. This has sparked rumors about Musk’s less-than-positive business dealings mentioned earlier and its possible negative consequences for related tokens.
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2024-04-15 16:34