Rumors of a doable investigation by america Securities and Alternate Fee into Tesla CEO Elon Musk’s alleged affect on Dogecoin’s value strikes have been circulating on social media over the previous day — a phenomenon that one Twitterer has quipped is “peak 2021.”
I hope they do! It might be superior
— Elon Musk (@elonmusk) February 25, 2021
Musk’s earlier show-downs with the SEC however, the CEO seems to be nonplussed about the potential for an all-too-real authorized fallout sparked by his penchant for the meme cryptocurrency. Musk’s professed love for “canines & memes” has spurred him to repeatedly put up jocular memes about Dogecoin (DOGE), most just lately one exhibiting the Doge mascot “on the precise moon.”
— Elon Musk (@elonmusk) February 24, 2021
Whereas the reference apes dealer lingo for stratospheric value motion and will due to this fact be construed as some type of endorsement, Musk has publicly stated that for all his love of the meme cryptocurrency, he’s a partisan of Bitcoin (BTC) with regards to strategic private and company funding. That hasn’t stopped the CEO’s twittering, nevertheless tongue-in-cheek, from offering some critical gasoline for memecoin market volatility — Dogecoin Christmas 2020 being only one occasion.
Musk’s apparently all-too-real affect on the worth strikes of each cryptocurrencies, given his monumental social media following, makes disentangling meme enjoyable from superstar shilling nearly not possible. Authorized advisors have beforehand voiced their opinion that the CEO might already be in for scrutiny from the SEC after his documented affect on Bitcoin’s value strikes this 12 months.
Each the prospect of an SEC investigation and the prospect of Doge’s metamorphosis into “an actual foreign money,” stay, for now, parallel meme-like and humorous eventualities within the CEO’s creativeness. Musk’s earlier SEC battles again in 2018 might have had actual ramifications for the CEO, leading to his elimination as chairman of the Tesla board and the cost of economic penalties, however he appears unlikely to surrender on his Twitter kicks simply but.