Financial Suicide To Buy Any EV Other Than Tesla? Dogecoin Millionaire Says 'One Might Argue The Exact Opposite'

Glauber Contessoto, a well-known Dogecoin (CRYPTO: DOGE) investor, questioned the financial wisdom behind owning Tesla Inc. (NASDAQ:TSLA) electric vehicles, sparking a debate on the value of its early adoption.

What Happened: Contessoto, popularly known as SlumDOGE Millionaire, took to X Wednesday to point out the drastic drop in prices of EVs manufactured by the tech giant, particularly the Model Plaid X and Model Y.

His comments came in reaction to X user Teslaconomics, who called buying any vehicle other than a Tesla “financial suicide.” 

"Ask any early Plaid X owner that paid $160k for their car how they feel about it now that you can buy one for $93k," Contessoto argued. "Ask anyone that paid $70k for their Model Y if it was a smart financial decision now that you can buy one for $44k."

Users countered his argument saying early tech costs more, and value depreciation is inevitable. 

Updated pricing available on Tesla's website showed Model X Plaid valued at $92,990, while Model Y dual-motor AWD, Long Range priced at $47,990. 

See Also: Jack Dorsey’s Block Makes Historic Bitcoin Mining Chip Sale To Core Scientific: ‘Our First Mining Chip Customer!’

Why It Matters: SlumDOGE Millionaire is known to be a Tesla bull and expressed confidence that it'll become the world's most valuable company by 2028. 

The trader gained fame for his early and unwavering belief in the dog-themed meme token Dogecoin. He has previously emphasized the importance of conviction in cryptocurrency investments. 

Like other members of the DOGE fanbase, SlumDOGE Millionaire is a strong supporter of the memecoin’s incorporation as a payment method within Tesla. The belief has grown in response to Tesla CEO Elon Musk’s frequent social media posts on the cryptocurrency.

Price Action: At the time of writing, Dogecoin was trading at $0.1078, down 1.9% in the last 24 hours, according to data from Benzinga Pro. 

Image via Shutterstock

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