The Tesla CEO avowedly loves “dogs and memes” and supports the rumoured prospect of his Dogecoin tweets being federally scrutinised with a regularly droll attitude.
“Rumors of a potential U.S. Securities and Exchange Commission investigation into the supposed effect of Tesla CEO Elon Musk on Dogecoin’s price fluctuations have circulated on social media over the past day, a phenomenon that one Twitterer has joked is “peak 2021.
I hope they do! It would be awesome
— Elon Musk (@elonmusk) February 25, 2021
Despite Musk’s past show-downs with the SEC, the CEO seems to be unaware of the prospect of an all-too-real legal fallout caused by his penchant for the cryptocurrency meme. The professed love of “dogs & memes” by Musk has spurred him to frequently post Dogecoin (DOGE) jocular memes, most recently one showing “on the actual moon” the Doge mascot.
— Elon Musk (@elonmusk) February 24, 2021
Although the reference apes trader lingo for stratospheric price action and could therefore be interpreted as some kind of endorsement, Musk has publicly said that when it comes to strategic personal and corporate investment, he is a Bitcoin (BTC) partisan for all his love of the meme cryptocurrency. That has not prevented the twittering of the CEO, but tongue-in-cheek, from providing some serious fuel for the volatility of the memecoin market, being just one example of Dogecoin Christmas 2020.
The seemingly all-too-real effect of Musk on the price changes of both cryptocurrencies, given its immense social media follow-up, renders disentangling meme fun almost impossible from celebrity shilling. Legal advisors have previously expressed their view that after his documented influence on Bitcoin’s price moves this year, the CEO could already be in for scrutiny from the SEC.
In the imagination of the CEO, both the prospect of an SEC investigation and the prospect of Doge’s metamorphosis into “a true currency,” remain, for now, parallel meme-like and humorous eventualities. Musk may have had real ramifications for the CEO in previous SEC battles back in 2018, resulting in his removal as chairman of the Tesla board and the payment of financial penalties, but he seems unlikely to give up on his Twitter kicks just yet.
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