Manage episode 286541077 series 2888426
Well, we recorded this podcast before this news came out – but we saw this one coming…Tesla’s CEO Elon Musk is reportedly under SEC scrutiny over some alleged cryptocurrency manipulation and it is not over Bitcoin – it is over Dogecoin.
Musk and the SEC have more of a hate-hate relationship than a love-hate relationship, and of course, the SEC has gone after him before. During his attempt to take Tesla private in 2018 he tweeted out “funding secured” which led the SEC to file a lawsuit against him as they felt he was exaggerating, and they fined him, and Tesla, $20M USD each (Musk bought $20M in shares from Tesla to cover their part of the fine and has since made that money backhand over fist). Also, as part of that settlement, Musk had to step down from being the Chairman of the Board.
Recently, with Musk a key evangelist for bitcoin, Tesla bought $1.5B in bitcoin – and his love for crypto does not stop there. Musk has been shilling for Dogecoin, the famous ‘joke’ coin with a dog as its mascot. But will the ‘joke’ be on Musk? As an influencer in today’s society, this means that people will follow where he leads. So, when he tweets his love for bitcoin, it apparently translates to “buy bitcoin” for all the sheep out there. So, what happens when Musk writes “bitcoin is almost as bs as regular money”? Well, it makes the SEC sad, as it starts to apparently look like market manipulation. But is the SEC right to be mad? Join Aviva Ounap, host of Crypto and Blockchain Talk, and Jonathan Dunsmoor from Dunsmoor Law as they have a quick chat about Musk, Bitcoin, and Doge and ask – what will happen?
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