Former US Minister Reich Criticized Elon Musk

Former US Secretary of Labor Robert Reich criticized Musk's recent behavior on cryptocurrencies.

Former US minister Reich criticized Elon Musk. Former Labor Minister Robert Reich criticized Tesla CEO Musk's latest tweets and his activities on social media. Stating that Musk's tweets are no longer funny, Reich stated that the famous billionaire harmed the cryptocurrency market.

Elon Musk and the Crypto Market

Reich stated that Elon Musk's tweets are bitter proof of how he manipulates the market, often in a negative way. The former minister also accused Musk of being selective in defending cryptocurrencies. Elon Musk, the founder of Tesla and SpaceX, previously tweeted in favor of the joke coin Dogecoin, causing its value to rise with an unprecedented performance. While this incredible performance of DOGE lasted throughout April, it ended at the beginning of May. It had climbed to a record $0.73 ATH before Musk's appearance on Saturday Night Live on May 8. Later, after a joke on the program, Dogecoin declined and the unit lost 50 percent of its value. Elon Musk then continued his explanations and announced that Tesla first started accepting Bitcoin. So much so that he literally blew up the market with his investment in Bitcoin. The famous billionaire later said that one should be careful when investing in Bitcoin. In addition, Musk, who announced that Tesla stopped the use of Bitcoin on the grounds that it harms the environment, caused BTC to fall again. Recently, Musk has started promoting and engaging with CUMMIES, the native token for adult content creator NFT platform CumRocket. The value of CUMMIES skyrocketed and climbed to a 24-hour high of $0.219. In a Wall Street Journal article, Robert Reich stated that some representatives from the US Securities and Exchange Commission (SEC) are of the opinion that Elon Musk violated a court order with his tweets twice. With the aforementioned court-ordered decision, it became mandatory for company lawyers to examine Musk's Twitter activities.