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Elon Musk under investigation for Dogecoin tweet

2 min read

TL;DR Breakdown

  • Elon Musk allegedly in trouble for Dogecoin tweet.
  • Musk has claimed he has no regard for the SEC.

Tesla CEO Elon Musk is said to be in trouble for his recent Dogecoin tweet. According to anonymous sources, the Security and Exchange Commission (SEC) is investigating the Tesla CEO over a recent Dogecoin tweet.

Elon Musk has been known to tweet frequently about the meme coin, with his series of tweet about the coin having an impact on the price action of the coin. Musk went as far as imploring Dogecoin whales to sell off their stake in Doge to help the cryptocurrency gain wider adoption and also improve the price of the coin.

If these anonymous sources’ reports are real, it would be in keeping with the trend of Elon Musk getting in trouble with SEC over Doge. Previously, the SEC charged Musk for security fraud over his controversial “funding secured” tweet about taking Tesla private before settling with him in April 2019.

Elon Musk and DogeCoin

Musk has continuously expressed his affection for Dogecoin in several tweets. He once called himself the CEO of Dogecoin as he expressed his affection for the coin and, in another occasion, said he bought Doge for his son.

His infatuation with the coin has made him tweet about the coin on several occasions, which has led to pumps in the crypto coin’s price. Dogecoin’s most recent pump, however, was not a result of Elon Musk’s action. A subreddit group, SatoshiStreetBets, led investors to pump the price of Dogecoin, leading to an almost 800 percent surge in the price of Doge.

Musk, Doge, and the SEC

Amidst the rumor, the SEC has not made any statements about investigating or charging Elon Musk pertaining to Dogecoin. Musk, on the other hand, has said he has no regard for the SEC.

The Tesla CEO said this in a 60 seconds interview, noting that he only respects the justice system and not the SEC.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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