Elon Musk is Under SEC Scrutiny for Dogecoin Tweets(Reportedly)

We recently discussed how Elon Musk pushed Dogecoin. Well, it seems that didn’t turn out so good for the Tesla CEO. There are reports that suggest that Elon Musk is under SEC scrutiny for Dogecoin Tweets.

Elon Musk is Under SEC Scrutiny

History Between SEC and Elon

It would be fair to say that Tesla’s CEO had quite a few incidents with the SEC in the past. The incidents didn’t have any good outcome for most of the time.

The most famous one is from 2018 when the SEC filed a lawsuit against Musk for his “funding secured” comment. The comment was regarding his attempt to take Tesla private in 2018. However, the attempt was failed.

Since then, Elon and the SEC never really came to good terms. Elon started a campaign against the SEC. He started to call them names. Elon also claimed that the SEC was working for people trying to sabotage the electric vehicle maker.

In the end, Tesla and Musk ended up reaching a settlement with the SEC. Both Tesla and Elon paid USD 20 Million fine(each). Elon also agreed to step down from the Chairman of the board.

The Tesla CEO didn’t want the company to pay a fine because of his issues with the SEC. While he couldn’t pay for Tesla’s fine directly. So he decided to pay Tesla’s part of the fine indirectly, as he bought USD 20 Million worth of shares from Tesla. In conclusion, he ended up paying Tesla’s fine too.

Elon also ended up with about 71,000 Tesla shares. As per reports, Elon made money from the settlement because of the rise of Tesla’s stock price.

We all know that Elon is interested in cryptocurrency lately. As a result, we have seen Tesla buying USD 1.5 Billion worth of Bitcoins. We also saw Elon Musk push Dogecoin on Twitter recently.

Since people adore Elon a lot, his recent tweets regarding the Dogecoin cryptocurrency actually helped in increasing its value by over 500% in the last month. It all started as a meme but became a thing real fast.

Elon Musk is Under SEC Scrutiny

The report claiming Elon Musk is under scrutiny for Dogecoin tweets come from financial newswire First Squawk. It says that SEC is looking into Musk for potential security violations related to Dogecoin. That means that SEC is looking at Elon for using his Twitter influence for manipulating the price of Dogecoin.

Further Reading

Given the fact that it is 2021 and SEC(Security and Exchange Commission) is actually investing their time on a meme cryptocurrency is quite crazy. Elon definitely has a good Twitter presence and has a good influence on people. But it is quite crazy to have an investigation on this.

Article Reference VIA

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