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Tesla CEO Elon Musk is likely to be beneath SEC investigation by the U.S. Securities and Alternate Fee over his flurry of Dogecoin tweets to cryptocurrency traders, in line with an initial tweet from First Squawk — an audio-based monetary newswire.
SEC IS SAID TO INVESTIGATE TESLA CHIEF EXECUTIVE MUSK FOR HIS TWEETS ON DOGECOIN: SOURCES FAMILIAR WITH THE MATTER #Dogecoins #Tesla
— First Squawk (@FirstSquawk) February 25, 2021
Elon Musk possible beneath investigation for Dogecoin tweets
Whereas the rumor has but to accumulate a affirmation, there’s greater than sufficient context in Musk’s current Twitter exercise to justify the suspicion.
We have recognized Musk’s tweets have been beneath SEC monitoring efforts for some time. In 2018, Musk misrepresented the probability of a personal Tesla providing, and ultimately reached a settlement with the SEC. In consequence, the SEC has restricted and pre-approved Musk’s tweets concerning enterprise exercise, since 2019.
Taken collectively, these info increase the probability that the SEC — which has proven elevated curiosity in regulating cryptocurrency, is watching Musk’s tweets, combing them for relevance or potential results on Dogecoin or different cryptocurrencies.
Seemingly regardless of rumored investigations, Musk has continued to tweet — the newest of which associated to Dogecoin was despatched on Feb. 4, at 8:00 AM EST.
Dogecoin drops 5.7 % amid SEC investigation rumors
At first look, it appears inconceivable that Tesla CEO would tweet about Dogecoin whereas beneath present investigation by the SEC, however judging from his earlier feedback, he is simply as prone to ignore the data.
Elon Musk stated he “[does] not respect the SEC” in 2018 during a Bloomberg interview. The tech billionaire additionally stated his tweets have been by no means censored by the SEC — as a result of the regulator had reached a settlement with Tesla.
From the context of his expressed opinions, historical past, and up to date tweets, it appears possible Elon Musk is beneath investigation by the SEC for his Dogecoin tweets. However for the reason that rumors started circulating, Doge dropped 5.7% in 24 hours — way more drastic than Bitcoin’s 0.1% dip in the identical day.
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