While CEO of Tesla and SpaceX Elon Musk has been quite vocal about cryptocurrencies in the past, especially on Twitter, he has observably not been too involved in the industry recently.
Observers have not been able to get to the bottom of his seemingly withdrawn interest as the billionaire has also not given much away in the way of an explanation. Musk’s tweets have had a history of making prices of cryptocurrencies he tweets about to his over 60 million followers surge or drop. For context, a recent picture he shared of his new Shiba Inu breed puppy named Floki had the effect of pumping the price of a Shiba Inu-themed memecoin – Shiba Inu Floki. The price of the token surged over 1000% to a new all-time high before correcting downwards.
Recently, when asked if his withdrawal was related to what the SEC may do about his Twitter activities, Musk shrugged off the question with a casual response and even rebranded the SEC as the “short-sellers enrichment commission.” Notably, the SEC last year warned Tesla that Musk’s tweets had twice violated court orders to the company that required his tweets to be pre-approved by company lawyers.
