Elon Musk, chief executive of electric car maker Tesla and SpaceX, said on Thursday that he welcomed the SEC’s investigation into its tweets, which are seen as manipulating the price of the cryptocurrency dogecoin.
Earlier, Twitter users revealed that the SEC plans to investigate the crazy tweets released by musk this month, suspected of peddling dog money, because it is suspected of manipulation. In response, musk, 49, tweeted: “I hope they will! It’s going to be a great thing. ”
Cryptocurrency is not regulated by the SEC, which only regulates regulated securities such as stocks, but Musk’s previous settlement with the SEC could subject his tweets to more scrutiny.
A spokesman for the SEC declined to comment on Thursday when asked if he could confirm plans to investigate muskedogcoin tweets. Musk was previously sanctioned by the SEC for publishing important tweets about Tesla. He had reached a settlement with the SEC over the tweets because of a tweet that considered privatizing the company and another tweet that shared Tesla’s auto production forecast.
Listed companies are regulated in the way they provide forward-looking statements to ensure that investors have equal access to information that may significantly affect stock prices. As part of the settlement, musk agreed to have Tesla’s compliance officials review any tweets about Tesla’s finances or prospects before they are released.
But cryptocurrency is not regulated in the same way, and Musk’s tweet about dogcoin is unlikely to violate any law or regulation, whether he owns it or not. However, lawyers said Musk’s tweets could be subject to SEC scrutiny, given Tesla’s recent announcement of its $1.5 billion worth of bitcoin holdings and his role as chief executive of the listed company.
Doug Davison, a Linklaters partner and former head of the SEC’s law enforcement arm, said: “it’s not surprising that the SEC stepped in and questioned the CEO’s tweets, bitcoin pricing and the recent dramatic market volatility.”
On Wednesday, musk tweeted his latest dogcoin tweet, showing a caricature of Chaigou from memes that inspired cryptocurrency on the surface of the moon, adding the following sentence: “on the real moon.” “Go to the moon” is an internet slang used by retail traders to predict that a particular asset will increase significantly.
It’s not clear if Musk’s reference to dog coin on the moon is literal, but he’s one of the few people who can actually do it. Under a contract with NASA, Musk’s SpaceX has been developing a system that will travel to and from the moon by 2024.
This month, musk continued to promote the cryptocurrency on twitter. After his latest round of offensive, the price of Dog Coin soared again. Doggie hit a record high of $0.087159 on February 8 after trading for less than $0.01 for a long time. Since then, prices have eased to close at $0.051595 on Thursday afternoon.
Musk first started talking about dog money on twitter on February 4. Since then, the price of the cryptocurrency has been soaring, raising concerns about the billionaire’s ability to push the market. When a twitter fan asked him why he liked dogcoin so much, musk replied, “I like dogs and jokes.”
Dogcoin’s technical base is similar to bitcoin and other more well-known cryptocurrencies, but it is rarely used. For a long time, the transaction price is less than US $0.01. It was born in 2013, initially a joke about the surge in the value of cryptocurrency, based on the popular Shiba Inu at that time.
Earlier this month, musk revealed that he had purchased an unknown number of dog coins for his nine month old son, X a-xii. “Buy little x some dog money so he can keep it since he was a child,” he tweeted He also tweeted a video of his son sitting on the floor.
It’s not clear how much cryptocurrency musk bought or when he bought it. After Tesla disclosed that it had invested $1.5 billion in bitcoin, musk clearly expressed his enthusiasm for cryptocurrency. After the news came out, bitcoin’s investment reached a record high, but since then the gains have narrowed, dragging down Tesla’s share price on Tuesday and making a loss this year.
Musk talks about the history of cryptocurrency
January 29: Musk’s addition of the # bitcoin logo to his twitter resume has pushed the price of the most valuable cryptocurrency up 14%. But since then, the billionaire has removed the label. In January, the total value of all bitcoins exceeded $1 trillion for the first time.
February 1: in a chat on the audio social network clubhouse, musk admitted that he was a supporter of bitcoin. “Bitcoin is about to be widely accepted by traditional financiers,” he said. He’s a bit slow. He should have bought it a few years ago. ”
February 4: musk tweeted “Doge” on twitter. “Dog money is the cryptocurrency used by the general public,” he wrote, driving its value up more than 60%. With a market value of about US $10 billion, dogcoin has become one of the eight cryptocurrencies in the world.
January 10: “bitcoin is not my security word,” Musk tweeted
December 20: “bitcoin is my security word,” Musk tweeted He later clarified on Twitter: “just kidding, who needs safety words anyway!”
December 20: in a twitter conversation with MicroStrategy CEO and digital currency advocate Michael sayeller, musk asked about the possibility of converting “big deal” on Tesla’s balance sheet into bitcoin.
February 19: musk says Tesla will stay away from cryptocurrency, although he says bitcoin has a great structure. “I don’t think it’s a good choice to use Tesla’s resources to get involved in encryption,” he said in a podcast
February 20: in a podcast, musk said paper money was “disappearing” and cryptocurrency would be a better way to transfer value.
February 21: musk tweeted: “I still have 0.25 bitcoins, which a friend gave me a few years ago. Don’t hold any cryptocurrency! ”
February 22: when asked about spam by fans, musk said, “I don’t actually have any cryptocurrency except for the 0.25 bitcoin that a friend sent me years ago.”
October 23: musk tweets to comment on the cryptocurrency scam, when hackers disguised as musk stole about $180000 worth of bitcoin. “Twitter thinks I’ve been hacked and locked my account, ha ha!” Musk wrote
October 20: Contrary to other reports, news reports revealed that the boring company, Musk’s underground tunnel construction company, did not accept bitcoin payments when it sold the popular flamethrower.
November 27: a former intern at SpaceX claims that musk is Satoshi Nakamoto, the creator of bitcoin. Musk responded that this is not true. “A friend sent me bitcoin a few years ago, but I don’t know where it is.”. (Tencent technology reviser / Jinlu)