This isn't Elon Musk's first run in with the SEC and and there may be bad blood as a result. -However, Until this is confirm, take it for what it is -a rumor. Since Elon responded to it; we will cover it. There is no such thing as bad advertisement. #dogetothemoon
"Most famously, the SEC filed a lawsuit against Musk over his infamous “funding secured” comment regarding his failed attempt to take Tesla private back in 2018. The Security and Exchange Commission (SEC) judged that Musk exaggerated when saying that the funding was “secured”:
"Musk went on a campaign against the SEC, calling them names and claiming that they were working for people shorting the electric automaker. Tesla and Musk ended up reaching a settlement with the SEC. As part of the settlement, Musk agreed to step down from the role of Chairman of the board, and both Tesla and Musk had to each pay $20 million fines."
Musk Famous Interview: I have no respect for the SEC
The Tesla cofounder explains to Lesley Stahl how his tweeting has been reined in as a result the Securities and Exchange Commission BS. And he didn't held back how he really felt about them.
SEC now investigating Musk over Dogecoin
Though Tesla invested into bitcoin, Musk says made it clear that the move didn't represent his personal liking. Rather, he clarifies that he's a big fan of Dogecoin instead, Dogecoin was started as a joke, but has actually become a serious currency(Still fun, but now adopted by companies and holds "one of" the highest market caps of all cryptos(over $6 billion and expected to rise)..
As we all know, Musk has been tweeting about Dogecoin a lot over the past month, and they have certainly helped increase the value of the crypto by over 500%.
Now, financial newswire First Squawk reports that the SEC is getting involved and looking into Musk for potential security violations regarding Dogecoin:
Presumably, they would be looking at him using his influential Twitter account to manipulate the price of the Dogecoin – similar to what happened with Tesla back in 2018.
Assuming this is true, the US government is looking into Elon for tweeting about a meme cryptocurrrency. Basically, dogecoin had a fairly small market cap, and they feel Elon’s influence could have easily moved it(And that may be true).
But I doubt Elon benefit in anyway, as he doesn't have any position in the crypto, except his recent investment for his son.
The reality is, this is 2021 and The Sec shouldn't be poking their heads into the crypto currency world. I lowkey, think they just have bad blood towards Elon, and they may have a bitter taste that they have no power over crypto. (That's why we can trade crypto anytime and as much as we want without any day trading penalties, like stocks have.)
I doubt the richest men on earth(Depending on the day) was short on money and decided dogecoin would be a good way to make more money. As a matter of fact, even if Elon invested in dogecoin in the future, I think it would be a move to establish the coin and give it stability; not to day trade or swing trade it. I believe he genuinely sees a future for the crypto.
Conclusion: This may just help dogecoin by bringing more attention to it. And Elon doesn't seem bothered one bit.
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