Elon Musk Rumored to Be Under SEC Investigation Over Dogecoin Tweets: Media Reports

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Thu, 02/25/2021 - 17:38
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Alex Dovbnya
Elon Musk gets in trouble with the securities watchdog once again
Elon Musk Rumored to Be Under SEC Investigation Over Dogecoin Tweets: Media Reports
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The U.S. Securities and Exchange Commission is reportedly investigating Tesla CEO Elon Musk's tweets about joke cryptocurrency Dogecoin, according to media reports that cite sources familiar with the matter

As reported by U.Today, Musk's frequent tweets about the meme coin have had a great impact on its price action. The entrepreneur also went after Dogecoin whales, promising to pay them for abandoning the cryptocurrency.   

This is not the first time that the Twitter account of the "former Dogecoin CEO" has gotten him in trouble with the SEC. In the past, the agency charged the billionaire with securities fraud over his controversial "funding secured" tweet about taking Tesla private before settling with him in April 2019. However, in a "60 Minutes" interview, Musk explicitly stated that he didn't respect the SEC.    

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Bill Gates Says Bitcoin Is Only for Billionaires Like Elon Musk

In December, the much-feared regulator went after XRP issuer Ripple Labs with its landmark lawsuit.     

Dogecoin (DOGE) is down over eight percent on the news.      

This is a developing story. Stay tuned for updates. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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