Following a review that Tesla and SpaceX CEO Elon Musk may step down as a close ally of President Donald Trump, stocks and stock markets everywhere saw a rise on Wednesday morning.
Following the publication of ‘s report, which cites three close friends of Trump who requested anonymity, Bitcoin quickly increased to$ 87,300 for the first time since March 27.
Following Wednesday’s release of a brutal quarterly report showing declining demand and production for Musk’s electric car maker, Tesla ( TSLA ), one of the largest publicly traded Bitcoin reserve holders in the world, experienced a surge following the report.
TSLA increased by almost 3 % on the day after the report, but has now settled for about$ 275 as of this writing. Due to Musk’s political maneuvers, which have proved contentious in recent months, the stock has fallen from a top of$ 480 in December.
As of this writing, Bitcoin has since decreased to about$ 86, 770, but it is still up nearly 2 % on the day.
Trump has informed his inner sphere and members of his government, according to the report, that Musk will” may be stepping back in the coming weeks” from his important role as a nearby Trump advisor. According to the report, Mussk is unlikely to completely leave Trump’s presidency, but his departure may coincide with the end of his position as a” special state staff” in the near future.
According to the record, there is concern among Trump officials that Musk is starting to become a political responsibility for Trump.
Following Musk’s personal spending of$ 20 million to support Trump’s preferred candidate, Brad Schimel, in Tuesday’s Supreme Court judge election, the statement comes as a result. However, Susan Crawford, who was Democrat-backed, narrowly won Schimel.
In recent days, both Musk and Trump have made public indications that the Tesla boss’s time in power might be coming to an end.
The Department of Government Productivity, or Expand, a government cost-cutting initiative that had resulted in numerous agency layoffs and numerous court challenges to DOGE’s authority, is headed by Musk. Despite Musk’s announcement to lead Expand, the White House has since clarified that he is now a” top assistant to the chairman.”
The meme logo that briefly appeared on the government website in January appears to be an inspiration for Dogecoin ( DOGE ), Musk’s longtime favorite cryptocurrency. Trump even sells a t-shirt with the stock’s well-known Shiba Inu image symbol, Musk, and himself.
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