American securities regulatory body sues Dogecoin ($DOGE) fan Elon Musk
The US SEC body filed a lawsuit against X (formerly Twitter) owner Elon Musk over delayed disclosure of holding stakes in X.
X (formerly Twitter) is a popular social media platform. Under the leadership of Musk, the Twitter platform transformed into X & introduced multiple features for the users. Musk announced that he will add almost every type of online service to the X’s ecosystem. Currently, X is popular as a free speech news platform, where creators get paid for their tweets & video content. Reportedly, the X engineers also built a crypto payment system in X’s payment ecosystem, but they will unlock the feature in future when crypto payments will be legal under crystal clear rules and laws.
On 14 Jan 2024, The United States Securities and Exchange Commission (SEC) announced charges against Elon Musk because of his delayed disclosure to the SEC body regarding his ownership of the X platform.
As per the filed complaint, Musk intentionally failed to meet the required deadline to disclose his Twitter stakes of more than 5% in 2022. The whole complaint against Musk is related to the time before completing his purchase of the social media platform.
In April 2022, Musk proposed the plan of buying Twitter, and later, he completed the deal for $44 billion in Oct 2022, following several controversies in this matter.
Musk’s attorney, Alex Spiro, dismissed all these claims & said that the regulator’s action is “an admission” of its inability to present a legitimate case. The Attorney also said that the Tesla CEO “has done nothing wrong” and characterized the lawsuit as a “sham.”
So far, no response has come to the public domain by Musk, but surely it will impact the bull sentiments around Dogecoin Cryptocurrency at some level.
The current trade price of Dogecoin is $0.36 & this price level is 5.26% higher over the last 24 hours period.
For supporting Dogecoin Cryptocurrency, Elon Musk faced a lawsuit in June 2022. The plaintiff accused Musk of manipulating the trade price of the $Doge coin. Later that lawsuit was dismissed in August 2024.
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