Reddit joke

Overnight, Tesla's market value fell by $57 billion.

As of the close of February 25, US Eastern Time, Tesla's share price fell by 8% and its market value fell back to $654.8 billion.

A market rumor is considered to have played an important role in it. Foreign media reported on the same day that the US Securities and Exchange Commission (SEC) may investigate Tesla CEO Musk's tweet about "dogecoin".

When answering questions from netizens, Musk responded: "I hope they will investigate, which will be great!"

This scene is familiar.

On September 27th, 20 18, the US Securities and Exchange Commission (SEC) formally accused Musk of being suspected of securities fraud because he privately published Tesla's privatization tweet. At that time, the title of the latter was Tesla CEO and Chairman.

On August 7, more than a month ago, Musk told his 22 million fans on Twitter that he was planning to privatize Tesla at a price of $420 per share, and said that he had obtained the transaction funds, only to be voted by shareholders. After the SEC investigation, it was believed that Musk did not discuss the specific terms of the transaction with any potential financing partner, but wrote a series of false and misleading tweets in private, which helped Tesla's share price soar by more than 6% on August 7, causing serious market confusion.

Steven Penguin, co-director of the SEC's law enforcement department, said: "The celebrity status of business managers or their reputation as technological innovators does not give them permission to assume these responsibilities rashly."

"Prudently providing truthful and accurate information is one of the most important duties of the CEO," added Stephanie Avachian, co-head of the SEC's law enforcement department. "The standard has the same effect when communicating through social media or other non-traditional forms."

After two days of stalemate, Tesla and Musk reached a settlement with the SEC on September 29th: Musk resigned as chairman of Tesla; Tesla and Musk each paid $20 million, totaling $40 million in fines.

After Musk rose to the world's richest man with Tesla's share price at the beginning of 65438+ 10, Tesla investor Ross Gerber once told the media: "Over the years, some behaviors of Musk have been shocking and caused huge losses. This is the trouble he encountered in the American stock exchange ... it's not easy for him to come all the way. What I am worried about is that success has made him a little slutty again. "

Will this DOGE incident make Musk get a ticket from the SEC again?

A

As early as 20 15, Musk bought the DOGE platform with a useful household registration, and made a fortune in the skyrocketing market since 2020, and published his own story of getting rich on the social news platform Reddit.

The sharing of such successful cases further intensified the enthusiasm of SatoshiStreetBets(Reddit group name) members. Like WallStreetBets behind GameStop's stock price rebound, SatoshiStreetBets is a gathering place for DOGE's recovery.

Musk is the one who ignites the fire of recovery. On April 20 19, he wrote that DOGE was his "favorite cryptocurrency" and changed the Twitter homepage introduction to DOGE CEO.

In fact, DOGE has its own real founding team. The word "DOGE" comes from an online animation series called "Homestar Runner". In this animation, the dog is called "DOGE", from which a new generation of popular words and expression packs are derived.

In 20 13, DOGE unexpectedly became popular on Reddit and Tumblr (American light blog), and the "Doge Meme" stalk became popular on a large scale through global social platforms such as Facebook.

At the end of this article, Jackson Palmer, an Australian marketer, and Billy Marcus, an IBM software engineer, played a joke on the two hottest topics on the Internet: cryptocurrency and DOGE, mocking digital currency.

The launch of Doecoin became an instant hit in just a few weeks, because of the free access to Doecoin's high-quality content on Reddit and Twitter. Coinmarketcap data shows that dogecoin once jumped to the top 7 in digital currency.

Musk's crazy advocacy is the direct source of dogecoin's skyrocketing in the past two months.

On February 4th, Musk pushed Doecoin, saying, "We don't need to be billionaires to have Doecoin, which is the people's virtual currency. I didn't drink too much and I didn't feel depressed. I only have dogecoin in my heart. "

On February 6th, Musk launched a poll on Twitter about the future earth currency, with more than 6,543.8+0.28 million people participating, among which 765.438+0% netizens chose dogecoin as the future currency.

In addition to advocating dogecoin, Musk also took aim at Bitcoin and briefly changed his Twitter signature to # Bitcoin on June 29th, 65438. With the blessing of the godfather, the world's richest man and retail investor, Musk, with 48 million Twitter followers, has become an alternative barometer of digital currency. There is a saying that the biggest boost of the Bitcoin wave from 30,000 to 50,000 dollars is Musk.

Tesla behind Musk is not idle. On February 8, Tesla submitted an announcement to the SEC, revealing that it had purchased bitcoin worth $6,543.8+$500 million and would begin to accept bitcoin payments. As soon as the news came out, the value of Bitcoin rose to $47,000.

Musk also mentioned Bitcoin more frequently, saying that "when there is a negative interest rate in legal tender, only a fool will not look elsewhere. Bitcoin is similar to legal tender. "

According to the analysis of investment institution Wedbush Securities, Tesla has made a profit of at least $654.38 billion by investing in Bitcoin, and its annual net profit from selling cars in 2020 will be $726.5438 billion.

Brokerage industry insiders analyzed that it is not impossible for the SEC to investigate Musk's remarks from the reality that Musk can directly affect the rise and fall of dogecoin and Bitcoin, and then compare Tesla's massive investment in Bitcoin.

As Stephanie Avachian, co-head of the enforcement department of the SEC, said, the chief executives of listed companies still need to supervise through social media or other non-traditional forms of communication.

B

In addition to Tesla, Space X, another key company of Musk, is also related to dogecoin.

On February 17, Musk said in response to a netizen's idea of developing an Elon coin that "there will definitely be Mars coins" in the future.

A week later, on February 24th, Musk updated a picture of dogecoin landing on the moon on Twitter, titled "According to the picture".

Space X, a space exploration technology company founded on 20 12, reached a cooperation agreement with NASA last year: Space Exploration Technology Company helped the latter to build the Gateway orbital space station in lunar orbit.

This is an important part of Al themis's return to the moon plan made by NASA on 20 19. When completed, the space station will serve as a transit station for the earth to and from the surface of the moon. Space X received $654.38+350 million from NASA's estimated $820 million moon landing fund.

In addition to the official cooperation with NASA, Space X has been preparing an independent commercial space travel plan.

On September 17, 2065438+08, Musk, CEO of Space X, announced the confirmation of the first member of the lunar exploration travel plan at the press conference of Hawthorne headquarters in California, USA. The trip around the moon is planned for 2023, and the journey will take about 4 to 5 days. If Japanese billionaire Maezawa can make it, it will be more than 40 years after 1972 Apollo moon landing program.

Space X is still authorizing the launch of rockets. In June+10/October this year, 38-year-old American billionaire Jared Isaacman announced that he had purchased the right to launch a rocket from Space X and launched the "Inspiration4" mission, which is scheduled to be launched in 20021October, which will surpass the Japanese billionaire Tomoko.

In addition to Jared Isaacman, there are three members in this trip, who will travel around the world in a dragon spaceship for five days.

The second member list was announced on February 23rd-Hayley Arceneaux, a 29-year-old assistant physician in Thaddaeus Children's Research Hospital. By then, she is also expected to become the youngest American to go into space.

C

As an unlisted company, the relationship between Space X and dogecoin has not risen to the level of SEC supervision. However, a common phenomenon reflected behind it is that the CEO with strong personality is becoming a double-edged sword.

As a representative, Musk performed even worse. He once fired Tesla's American public relations department and used Twitter as the company's announcement place.

Tesla submitted a document on 20 13 to inform the secondary market that the company intends to use Musk's Twitter account to publish important information about Tesla and encourage investors to review Musk's tweets.

However, this practice was countered by the SEC, arguing that Tesla has no information disclosure control measures or procedures to determine whether Musk's tweet contains information that needs to be disclosed in the documents submitted by Tesla to the SEC. "It also doesn't have enough procedures to ensure that Musk's tweets are accurate or complete."

It is the general public in the secondary market that decides the governance of Musk Twitter. Up to now, Musk has more than 48 million Twitter followers. After experiencing the legendary entrepreneurial experience of Tesla and Space X, and reaching the top of the world's richest man in the past year and leading retail investors against short-selling institutions, Musk was gradually deified and idolized.

Bloomberg's article directly points out that Musk is a disseminator of innovation, and people who bet on technology stocks regard him as an idol. "His behavior of not excessively pursuing traditional business goals, including profitability and cash flow, further made him sought after by retail investors."

musk

In May last year, Musk said that he would sell all the properties under his name and only hold intangible assets such as Tesla and Space X shares in the future.

The high dependence on the company's CEO made Tesla face SEC investigation and punishment on 20 18. A similar thing happened to China Gree. As the CEO who led Gree into the Fortune 500, Dong Mingzhu's strength and desire for control are self-evident.

On June 6, 20 19, at the first extraordinary general meeting of shareholders in Gree Electric on June 20 19, Dong Mingzhu violated the information disclosure rules of listed companies of Shenzhen Stock Exchange and disclosed the relevant performance information of Gree Electric in 20 18 in advance, and Guangdong Securities Regulatory Bureau took warning letter administrative supervision measures against Dong Mingzhu.

"Every little thing of a listed company is a big event in the eyes of the regulatory authorities." The lessons of Musk and Dong Mingzhu should be learned by other listed CEOs.