SEC Subpoenas Musk Over Tweets, Is Dogecoin Next?

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Last Updated on 9 February 2022 by CryptoTips.eu

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The Securities and Exchange Commission has a new sheriff by the name of Gary Gensler. Gary has come out swinging this week when he issued a subpoena to electric vehicle maker Tesla over a former tweet by its CEO, Elon Musk. No, not over his love for Dogecoin (just yet) but the famed 2018 tweet which claimed Musk had ‘secured funding’ to take the company private at $420 a share got him into even more trouble.

By now, it is possible that the SEC has added that tweet together with Musk’s demand whether or not he should be selling 10% of his Tesla stock.

If it only takes 4 years for the SEC to react, then Dogecoin could be in a lot of trouble at around 2024 or so.

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Funding secured

Back in 2018, long before Musk declared his love for memecoin Dogecoin, the Tesla CEO had enough of shortsellers dragging the value of Tesla stock down. All off a sudden he tweeted that he was considering taking Tesla private at $420 a share and how he had already secured funding. The shares skyrocketed over the next few months.

The SEC charged him (and Tesla) for this and Musk called the SEC the “short seller Enrichment Commission” on Twitter days after settling with the agency.

Over in 2020 and most of 2021, all Musk tweeted about the could get him into trouble with the SEC was Dogecoin and how he was a big fan of the memecoin. The value of Dogecoin has since skyrocketed.

Earlier this week, the Tesla CEO tweeted a meme of himself holding up Doge just like the Lion King. Already we wonder how the SEC will detail this in a court filing.

frknck / Depositphotos.com