Elon Musk's DOGE Meme Fuels Speculation of Political Ambitions Under Trump Presidency
Date: 2024-09-09 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Elon Musk has once again caused a stir with a provocative social media post hinting at a possible political role if Donald Trump returns to the presidency in November 2024.
In a recent X post, the billionaire shared a meme featuring an AI-generated image of himself sitting at a desk with a sign that reads "D.O.G.E." — an acronym for "Department of Government Efficiency."
The post, accompanied by the phrase "Department of Government Efficiency," combines cryptocurrency and politics, fueling speculation about Musk's future in government service.
Dogecoin Surges After Musk’s Tweet
The Dogecoin cryptocurrency, which Musk is closely associated with, has seen a significant gain since the meme was posted, hitting a daily high.
However, the cryptocurrency has yet to return to its peak value from earlier this week.
Speculation has been heightened by Trump’s recent proposal to create a government efficiency commission.
Trump has promised to launch the commission to conduct a comprehensive audit of the federal government’s finances and operations and propose significant reforms.
Musk responded by retweeting a video of Trump’s announcement, adding the comment: “This is sorely needed.”
He hinted at being willing to take part in the initiative, but stopped short of confirming the possibility of taking an official government position.
Trump, for his part, jokingly suggested that Musk could chair the proposed commission, noting Musk’s workload.
“Elon, because he’s not very busy, has agreed to chair the commission,” Trump said, adding that it would be possible if Musk had the time.
Despite Trump’s words, it’s unclear whether Musk is actually considering joining the government.
Musk currently runs Tesla, SpaceX, xAI, and oversees Neuralink, The Boring Company, and the X platform.
His recent initiatives, such as his controversial stance on X.com in Brazil, his challenge to Venezuelan President Nicolas Maduro, and his ongoing legal battles with OpenAI and its CEO Sam Altman, indicate a busy schedule.
As the November election approaches, it remains to be seen whether any concrete plans for a collaboration between Trump and Musk will materialize.
A judge dismisses Musk’s Doge manipulation lawsuit
Last week, Musk and his company Tesla won a dismissal of a federal lawsuit accusing them of defrauding investors by manipulating the Dogecoin cryptocurrency and engaging in insider trading, resulting in billions of dollars in losses.
The lawsuit, filed in 2022, alleged that Musk’s statements on Platform X manipulated Dogecoin’s price and harmed cryptocurrency investors.
The plaintiffs claimed that Musk’s statements, including claims that Dogecoin could be his favorite currency, the people’s cryptocurrency, and the future currency of Earth, were misleading.
A number of plaintiffs who joined the class action were seeking $86 billion in damages, as well as treble damages totaling $172 billion.
“These claims are more ambitious and exaggerated than factual and verifiable,” U.S. District Court Judge Alvin K. Hellerstein of the Southern District of New York wrote in his decision.
