The SEC might soon investigate Elon Musk for his tweets that boost the price of Dogecoin. In the past few months, he has tweeted about Dogecoin and has increased its price from time to time. Sometimes it’s 10%, sometimes it’s 20%, and sometimes even more. But we should know that it all began as a joke, even for Musk. And the first time he thing he posted about the meme currency was a meme. So, the SEC investigating him for the same is a real stretch.
SEC to investigate Elon Musk
Musk doesn’t have a particularly good relationship with the SEC. He went on record to say that he doesn’t respect them, and the only reason he settled for $40 MN in the past was that he respected the justice system. And even now, we can see why the investigation of Elon Musk over Dogecoin tweets is bothersome.
Never forget this 🤣 pic.twitter.com/JZoCDp62cM
— ERROR.404 🌏🤳 (@Encrypted404) February 25, 2021
Just some time back, Robinhood halted tha trading of GameStop shares and manipulated the entire market to prevent big firms from bleeding dry. And that was not considered market manipulation by the SEC; they didn’t do anything to stop what actually happened. Many investors lost their money, many more lost their savings and the only ones that profited by this were Robinhood and the firms. But they are going to investigate the richest man on the planet for sharing memes about a meme cryptocurrency.
Musk tweeted regarding the rumors saying that he hopes that the SEC carries on their investigation. His word was, “It would be awesome,” and I see why. He has not done anything wrong, and the SEC has the idea of always looking at the wrong places.
Most recent Dogecoin tweets by Musk
Elon Musk’s most recent Dogecoin tweet resulted in a 25% price increase of the cryptocurrency in just a few minutes after the tweet. And this might be the reason that the SEC got interested in the individual. And it is not the first time this has happened. Just a few weeks back, Elon tweeted about purchasing some Dogecoin for his kid. That tweet, too, sent the price of the cryptocurrency skyrocketing.
Literally pic.twitter.com/XBAUqiVsPH
— Elon Musk (@elonmusk) February 24, 2021
What the SEC is not considering is that Elon Musk’s influence is so much that whatever he tweets about becomes gold. For example, the share price of Signal rose 1100% after he tweeted about it. Or the time when he tweeted about the company from where he buys things for his Dogs. Even his followers are irritated at the fact because they too believe that there is nothing to do here. Let’s see what happens here, we can just hope that the entire thing ends with a meme.
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