Elon Musk says he's the 'ultimate hodler', won't sell dogecoin

Bengaluru: Elon Musk, chief executive officer of Tesla Inc. and a supporter of cryptocurrency, said on Thursday he has not and will not sell any of his dogecoin holdings.

Earlier this month, he called the cryptocurrency a "hustle" during his guest-host spot on the 'Saturday Night Live' comedy sketch TV show, leading prices to tumble.

"Yeah, I haven't & won't sell any Doge," Musk said on Twitter in response to a tweet on Thursday claiming he would never sell any of his doge holdings and that he was the "ultimate hodler".



His tweets on dogecoin have turned the once-obscure digital currency into a speculator's dream.

Musk has posted numerous comments about cryptocurrencies on Twitter this year, causing prices to gyrate.

Last week, Musk said Tesla would no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for a swift reversal in the company's position on the cryptocurrency.

Dogecoin was up 12% at $0.405, according to crypto exchange Binance.

Tesla plans

On Friday, Musk said Tesla was close to establishing a presence in Russia and was looking at whether it could open factories there. Addressing an event in Russia via video link, he said that the electric carmaker already had production sites in China and the US, but was looking at opening production facilities in other parts of the world.

All transport will be electric in the future, with the exception of rockets, he added.