Musk has been investigated again by the SEC and has not had a good result.
The Securities and Exchange Commission (SEC) ruled that Musk was exaggerating, saying the funding was "safe".
Musk proceeded to one campaign against the SEC, characterizing it with various adjectives and claiming that it wanted to deprive the electric car industry.
Tesla and Musk have reached an agreement with the SEC. Musk agreed to step down as chairman of the board, and both he and the company had to pay $ 20 million in fines.
Musk, however, ended up winning the settlement due to the increase in the share price of Tesla last year.
His interest in cryptocurrencies led Tesla to buy Bitcoin worth $ 1,5 billion last month.
While Tesla has invested in bitcoin, Musk says he is a big fan of Dogecoin, which actually started as a joke.
Elon Musk has been making a lot of tweets about Dogecoin lately and while his tweets may sound like jokes, they have influenced the public and helped increase the value of the currency by over 500% in the last month.
The market capitalization of the currency is now over $ 6 billion.
When asked why he likes Dogecoin, Musk simply replied that he "loves dogs and memes".
The CEO of Tesla also said that he set up Dogecoin mining facilities with his children last weekend. According to the news agency First Squawk, the SEC is involved and is examining Musk for possible security breaches about Dogecoin. The organization believes that Musk is using his account to influence public opinion and manipulate the price of Dogecoin, something similar to what happened to Tesla in 2018.
However, there is still no evidence that Musk has any ultimate purpose for cryptocurrency.