Elon Musk has gotten the attention of the Securities and Exchange Commission (SEC) again, and this time it is because of his tweets that have pertained to the recently established cryptocurrency called the "Dogecoin."
Elon Musk and the SEC had previous run-ins before, and the history between the two has caused Musk to step down as Tesla's board.
SpaceX CEO Elon Musk guaranteed Starlink internet will double its speed later this year.
It seems that campaigning for business, cryptocurrency, and other information on Twitter is a or close to a violation of the SEC, as Elon Musk's tweet that have contained several promotions and mentions got the agency's attention.
SEC has been strict to comply with its policies and is not holding any reservations with even one of the most popular CEOs.
Initially, Elon Musk's tweet about the Signal Messenger that boosted a wrong "Signal" company has flagged the SEC again but has not seen any approach from the federal agency.
However, it was initially speculated that the CEO's seemingly harmless tweets would again be subject to a federal callout or case, which it did and resulted in one now.
SEC IS SAID TO INVESTIGATE TESLA CHIEF EXECUTIVE MUSK FOR HIS TWEETS ON DOGECOIN: SOURCES FAMILIAR WITH THE MATTER #Dogecoins #Tesla
— First Squawk (@FirstSquawk) February 25, 2021
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SEC Investigates Elon Musk and Dogecoin
According to Electrek, reports have been pointing out that Elon Musk, Dogecoin, and the CEO's Dogecoin tweets are under investigation from the U.S. Securities and Exchange Commission after recent events. Elon Musk has been releasing tweets and memes about "Doge" and the "Dogecoin" which have been popular in recent events.
All of this started the moment 2021 came in, particularly with the GameStop stock price increase that got the attention of the CEO and posted a tweet saying "Gamestonks" about its market shares.
Sometime during the period of the WallStreetBet's increasing popularity, "Dogecoins" has been rising in prominence as users ask the CEO to tweet about it.
Musk is known to be a "memer" that always posts memes on Twitter, and "Doge" being one of the largest memes of the generation that pertains to a Shiba Inu dog, the CEO got along with it and tweeted about the topic.
Most recently, the CEO has posted a photo meme that shows "Doge" on the moon, in which fans and users always say in Tweets, "Doge to the Moon."
On the actual moon
— Elon Musk (@elonmusk) February 24, 2021
Elon Musk and SEC Run-Ins
Musk has been talking about doge or has been mentioning "Dogecoin" and an awful lot in the past days, which have led to a massive 500 percent increase of the cryptocurrency on the stock market.
The Dogecoin is now valued at $6 billion and has been one of the fastest-growing cryptocurrencies in the market, despite being a young one in the industry.
In the past, Elon Musk and SEC had a few run-ins, wherein the CEO challenged the federal agency and mocked its presence via Twitter. Ultimately, the CEO lost the legal battle and was fined to pay for damages with Tesla and the CEO.
Additionally, the dispute has forced Musk to drop out his position on the board, as ordered by the SEC.
Related Article: Tesla CEO Elon Musk Not the Richest Man Anymore After Bitcoin Tweet Cost Him $15 Billion Loss
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Written by Isaiah Alonzo
