“I Hope They Do”: Elon Musk Taunts SEC Over Potential Investigation Into Dogecoin Tweets

“I Hope They Do”: Elon Musk Taunts SEC Over Potential Investigation Into Dogecoin Tweets

How many times can Elon Musk press his luck with regulators? That seems to be the $64,000 question that Musk is intent on finding out.

It was just hours after the headline broke the the SEC could be investigating Musk over Tweets he put out related to cryptocurrency Dogecoin that Musk – who formerly had told the SEC he didn’t respect them, and to “suck Elon’s c*ck” – yet again took to Twitter to taunt regulators.

Responding to a Tweet casting doubt about an SEC investigation and referring to Musk as “Emperor Musk”, Musk responded that he “hopes” the SEC does open an investigation into his Tweets. 

“It would be awesome,” Musk wrote. We’re sure Tesla shareholders would feel the same way.

Recall, on Thursday, we asked whether or not the SEC might be finally ready to try and take on Musk.

After meekly hitting Musk with a slap on the wrist following the whole “funding secured” debacle (back in the summer of 2018, Musk tweeted that he had put together a deal to take Tesla private at $420 a share…the stock soared, until it came to light that this was an elaborate joke), the SEC is reportedly investigating Musk over his dogecoin-related tweets, according to media reports that surfaced this week.

  • SEC IS SAID TO INVESTIGATE TESLA CHIEF EXECUTIVE MUSK FOR HIS TWEETS ON DOGECOIN: SOURCES FAMILIAR WITH THE MATTER

Also recall, as we noted on Thursday, part of the deal that Musk struck with the SEC after the ‘funding secured’ blowback involved his board and a “Twitter-sitter” approving future tweets. However, Musk has flouted this requirement repeatedly, and appears to say whatever he feels on social media, where he enjoys a rabid following, especially on Twitter.

Since the start of February, the price of dogecoin has surged as Musk has led an army of retail traders whose stated goal is to pump the coin as massively as possible.

Before selling off on the news of the potential investigation…

Earlier this month, Musk started posting memes about dogecoin and even tweeted that he would buy some for his youngest child, X Æ A-12.

On Wednesday, Dogecoin soared 25% in a day after a one-word tweet from Musk.

All the while, many have speculated about whether Musk controls a dogecoin wallet with some $3B worth of the token inside it.

The SEC has tried to regulate the nascent crypto market, but it’s still not clear whether it has the authority. As for Musk, he has mostly steamrolled the agency in the past. Details about the investigation remain unclear, just like the agency’s ability to hold Musk to account. Will we see the SEC try and force the famously independent-minded executive to pre-clear his tweets with the board again?

Meanwhile we can’t help but wonder about the new administration at the SEC. Are you guys getting the message that Elon Musk is sending yet?

 

Tyler Durden
Fri, 02/26/2021 – 09:50

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