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Home Technology US Securities and Exchange Commission scrutinizes Musk tweets about Dogecoin and Bitcoin

US Securities and Exchange Commission scrutinizes Musk tweets about Dogecoin and Bitcoin

Elon Musk, CEO of Tesla. (Photo: dpa)

Tesla boss Elon Musk had made positive statements about Dogecoin and Bitcoin on Twitter – and thus drove prices. Now the US Securities and Exchange Commission is investigating Musks’ tweets.

Thanks to his 48 million Twitter followers, Tesla boss Elon Musk can exert great influence with relatively little effort . This happened, for example, when Musk was thinking out loud about the privatization of Tesla on Twitter in the summer of 2018. The electric car manufacturer’s course then jumped upwards. According to investigations by the US Securities and Exchange Commission, Musk has to hold back in communication on topics related to finances or takeovers. Now the Tesla boss has come back into the SEC’s sights because of several tweets about crypto currencies such as Dogecoin or Bitcoin.

Celebrities like Elon Musk push Dogecoin course

In the past few weeks, Elon Musk, among others, had several messages on Twitter in which he was more or less clear pointed to Dogecoin, the rate of the fun currency significantly increased. In addition to Musk, US rapper Snoop Dogg and the bassist of the rock band Kiss, Gene Simmons, also had positive comments about Dogecoin. On February 8th, Dogecoin then hit the previous high of $ 0.085. The Dogecoin was suddenly worth around ten billion dollars. The cryptocurrency is currently quoted at $ 0.05 and a market capitalization of almost $ 6.5 billion.

Also with Bitcoin It is reasonable to assume that its course – at least temporarily – was driven by the messages Elon Musk distributed via Twitter. In the meantime, Musk had included the word Bitcoin in his bio. After it became known in early February that Tesla had invested $ 1.5 billion in Bitcoin, the Bitcoin price climbed sharply. A few days later, he described Bitcoin as bullshit, but said specifically that Bitcoin was still less stupid than fiat money. Even after this tweet there was a jump in price. A few hours later, Musk declared Bitcoin and Ethereum to be too expensive.

Dogecoin and Bitcoin tweets in the SEC visor

For the SEC, which is currently also scrutinizing the events surrounding the Gamestop share and the influence of Reddit traders takes, the Musk tweets are now reaching a little too far. Unlike securities, cryptocurrencies are not under the supervision of the SEC. The tweets about Dogecoin could therefore go unpunished, as Golem reports. As for the Bitcoin purchase of the listed electric car manufacturer Tesla, the SEC could still have questions for Elon Musk, as the British newspaper The Telegraph writes, citing a senior SEC investigator.

With the associated tweets, Musk could have violated the above-mentioned requirements of the SEC regarding his communication. The Tesla boss once again announced via Twitter how Musk feels about the requirements and the SEC. “I hope you do! That would be great, “replied Musk to a tweet from a Twitter user about the possible SEC investigation into Musk’s Dogecoin statements.

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Sallie Anderson
Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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