Musk Torches WSJ Over ’Fake’ Tesla Exit Story – Crypto Heavyweights Back Him Up

Elon Musk just dropped a Molotov cocktail on Wall Street Journal’s credibility—calling out their ’false’ report claiming he’d step down as Tesla CEO. Crypto’s power players are circling the wagons in support.

Bitcoin maximalists, Ethereum devs, and even the Dogecoin brigade are firing up memes and tweets faster than a Solana validator crash. Meanwhile, Wall Street analysts scramble to explain why this ’non-event’ somehow justifies their 27th Tesla downgrade this quarter.

Pro tip for trad-fi journalists: maybe verify sources before poking the billionaire who moves crypto markets with a single emoji.

Elon Musk isn’t holding back. The Tesla CEO has blasted The Wall Street Journal (WSJ) for publishing what he called a “deliberately false” article claiming Tesla’s board is looking to replace him as CEO.

In a fiery post on X, Musk called it an “EXTREMELY SERIOUS ETHICS VIOLATION,” accusing WSJ of ignoring a direct denial from Tesla’s board. The report suggested that concerns over Musk’s political involvement and divided attention across his ventures pushed the board to seek a new CEO.

Tesla’s board chair, Robyn Denholm, didn’t waste time firing back. Posting from Tesla’s official X account, she stated clearly that the board has not contacted any recruiters and fully supports Musk’s leadership.

It is an EXTREMELY BAD BREACH OF ETHICS that the @WSJ would publish a DELIBERATELY FALSE ARTICLE and fail to include an unequivocal denial beforehand by the Tesla board of directors! https://t.co/9xdypLGg3c

Why Is This Report Coming Out Now?

The WSJ report dropped just as Musk faces fresh criticism over his political ties – specifically his advisory role in Donald Trump’s Department of Government Efficiency (DOGE).

Critics argue that Musk’s involvement in the Trump administration has hurt Tesla’s image, especially in international markets.

Meanwhile, Tesla’s Q1 numbers haven’t helped the narrative:

• Profits dropped 71% in the first quarter
  
• Market value fell by over $800 billion since the start of the year
  

Tesla Stays Bullish on Bitcoin

Despite the rocky earnings, Tesla didn’t sell its Bitcoin. The company’s crypto holdings dropped from $1.076 billion to $951 million in Q1 2025, right in line with Bitcoin’s 11.56% price dip to $82,514.

Crypto Leaders Join the Backlash

Musk isn’t the only one calling out WSJ. Big names in crypto have been doing the same.

On April 12, Binance’s former CEO, Changpeng Zhao (CZ), slammed a WSJ report that claimed he agreed to testify against Tron’s Justin Sun as part of a DOJ deal.

“WSJ is really TRYING here. They seem to have forgotten who went to prison and who didn’t,” Zhao wrote in an April 12 X post. “People who become gov witnesses don’t go to prison. They are protected. I heard someone paid WSJ employees to smear me.”

And this isn’t new. Back in March 2023, Tether also rejected a WSJ article accusing it of using fake documents and shell companies to keep banking access. Tether called the claims “stale,” “inaccurate,” and “misleading.”

It’s Bigger Than Just Elon

This goes beyond one headline. Musk and major crypto players are pushing back hard against what they say is biased, agenda-driven reporting by legacy financial media.

With Musk now balancing Tesla, SpaceX, Neuralink, and the recently merged X and xAI – while advising Doge remotely – there’s more scrutiny than ever.