Explosive: Elon Musk Slams Wall Street Journal, Echoing Crypto Executives’ Backlash

The world of finance and tech is buzzing after Elon Musk, the prominent figure behind Tesla and X, publicly criticized The Wall Street Journal. His strong words resonate with recent sentiments from notable figures in the crypto space, highlighting a shared frustration over the publication’s reporting.

Elon Musk vs. The Wall Street Journal

Elon Musk didn’t hold back, labeling a recent Wall Street Journal report as an “EXTREMELY BAD BREACH OF ETHICS.” The report, published on April 30, claimed Tesla’s board was looking for a new CEO due to concerns about Musk’s political activities and his focus being split across multiple companies like SpaceX, Neuralink, X, and xAI. Musk quickly took to X to deny the report, stating the WSJ knowingly published false information while omitting a clear denial from Tesla’s board. Tesla board chair Robyn Denholm supported Musk, posting on Tesla’s official X account that the board had not contacted recruiters and that the report was “absolutely false.” She affirmed the board’s confidence in Musk’s leadership for Tesla’s future growth.

Tesla’s Performance and Musk’s Commitments

The WSJ report surfaced as Tesla faces scrutiny. The company’s first-quarter profit fell significantly, and its market value has seen a substantial decline. Tesla’s Q1 results showed revenues missing Wall Street estimates and a decrease compared to the previous year. Despite this, Tesla maintained its Bitcoin holdings during the quarter, though their value decreased along with Bitcoin’s price drop. Amid shareholder pressure, Musk has reportedly agreed to dedicate more time to Tesla. He is also reportedly advising the Department of Government Efficiency (DOGE) remotely, reducing his physical presence in Washington.

Crypto Executives Join the Backlash Against Wall Street Journal

Interestingly, Elon Musk’s criticism mirrors recent pushback from leaders in the crypto industry. Several Crypto Executives have voiced complaints about the Wall Street Journal’s coverage, accusing it of being misleading or biased. For example, on April 12, former Binance CEO Changpeng Zhao (CZ) dismissed a WSJ report suggesting he agreed to provide evidence against Tron founder Justin Sun as part of a plea deal. CZ publicly refuted the claim, noting that individuals who cooperate as government witnesses typically do not face imprisonment, implying the report was inaccurate and potentially influenced by external parties. Similarly, in March 2023, Tether, the stablecoin issuer, also rejected a WSJ report. That article alleged Tether used fake documents and shell companies to access banking services. Tether described the claims as “stale,” “inaccurate,” and “misleading.” These instances show a pattern of high-profile figures, including those in the crypto space, challenging the accuracy and ethics of the Wall Street Journal’s reporting.

Binance and Tether’s Past Interactions with WSJ

The recent denials from figures like CZ and Tether are not isolated incidents. The crypto industry has had a sometimes contentious relationship with mainstream financial media, including the Wall Street Journal. Reports covering topics like regulatory issues, market manipulation allegations, and company practices have often been met with strong responses from crypto firms. The current situation involving Elon Musk adds another layer to this dynamic, showing that criticism of the WSJ’s reporting extends beyond the digital asset space but finds a shared voice among some prominent figures within it.

Summary

Elon Musk’s strong condemnation of The Wall Street Journal over a report about his role at Tesla highlights significant tension between major figures and established media outlets. His stance echoes similar recent criticisms from key Crypto Executives, specifically former Binance CEO CZ and Tether, regarding the accuracy and fairness of the WSJ’s coverage of the digital asset industry. These parallel instances suggest a broader trend of high-profile individuals challenging traditional media narratives, raising questions about reporting ethics and the information presented to the public.