Tesla CEO Elon Musk has no respect for the SEC, but expects them to investigate his recent series of memes and tweets Dogecoin, after rumors of an investigation by the Commission soon emerged.
“Hope so! It would be incredible, ”Musk told a Twitter follower last night.
Hope so! It would be too much 🤣🤣
– Elon Musk (@elonmusk) February 25, 2021
Musk has spent the past few weeks encouraging popular cryptocurrency, sharing several memes and tweets that have been taken over by his group of followers. Dogecoin is arguably the most popular cryptocurrency, along with Bitcoin, which Tesla bought $ 1.5 billion according to a document the automaker released in January.
Rumors of an SEC investigation into Musk’s Dogecoin tweets were first reported by @FirstSquawk on Twitter, which indicated that “sources familiar with the matter” said Musk would be under investigation. However, many were skeptical for a number of reasons. The SEC did not formally release a statement that the investigation would take place, the SEC does not regulate cryptocurrency and Musk, which would be the subject of the investigation, was not warned by the agency.
SEC IS INVESTIGATING THE BOSS OF TESLA, EXECUTIVE MUSK FOR ITS TWEETS IN DOGECOIN: FAMILY SOURCES WITH THE MATTER #Dogecoins #Tesla
– First Squawk (@FirstSquawk) February 25, 2021
Dogecoin exploded in 2021, going from less than a penny a share to more than eight cents a share during a spike in early February. Due to its low cost, some investors have profited greatly from the increase, but Cryptography has since dropped to about five cents per share. According CoinDesk, Dogecoin has increased 837.82% so far this year.
If Musk was under investigation by the SEC, it would not be the first time that he would become involved with the federal agency. After indicating that he could go public for Tesla for $ 420 per share in September 2018, the SEC accused Musk of committing securities fraud, fined him $ 20 million and forced him to resign as Chairman of the Board of Tesla.
Musk launched some jabs in the direction of the SEC, including a not very friendly acronym, which the CEO Tweeted in July.