Elon Musk Quits Politics Amid Dogecoin Fallout and Safety Fears
Elon Musk has announced his withdrawal from political discourse via videoconference during a Bloomberg forum in Qatar, citing concerns over personal and family safety amid mounting backlash related to his promotion of the meme cryptocurrency Dogecoin (DOGE).
This decision follows a tumultuous period marked by public protests, legal challenges, and declining performance of his companies.
Musk’s tweets have sparked wild fluctuations in cryptocurrency prices, often sending markets into a frenzy within minutes. While eager investors rushed to capitalize, regulators began taking notice, raising concerns over unfair trading advantages and potential market manipulation.
Musk earned the nickname “Dogefather” for his influence on DOGE price, with memes depicting him as the puppet master pulling the strings behind the scenes.
In a notable moment, Musk adopted a Shiba Inu—the very breed featured on the Dogecoin logo—and named it Floki. This inspired the creation of the Floki Inu token, which quickly gained popularity, fueled largely by Musk’s indirect influence and the hype surrounding his pet.
Elon’s companies have actively embraced digital assets, with Musk himself seemingly timing key market moves to his advantage.
Tesla Bitcoin Manipulations
In early 2021, Tesla announced a $1.5 billion Bitcoin purchase, immediately boosting the token’s value. But just months later, Musk reversed course, declaring Tesla would stop accepting Bitcoin due to environmental concerns, which triggered a sharp market drop.
Similarly, Musk’s references to Ethereum and Dogecoin have coincided with volatile price swings, leading critics to question whether he strategically uses his influence to buy low and sell high.
As scrutiny intensifies and legal consequences become increasingly apparent across the crypto space, Musk seems to be recognizing the dangers of staying at the center of the storm.
The timing of his political withdrawal perfectly aligns with a surge in regulatory crackdowns on cryptocurrency fraud.What was once viewed as playful crypto endorsement now carries potentially serious legal risks that Musk can no longer ignore.
Safemoon CEO faces prison
Notably, Braden John Karony, the former CEO of SafeMoon cryptocurrency, was recently convicted on charges of conspiracy to commit securities fraud, wire fraud, and money laundering.
Prosecutors revealed that Karony falsely claimed SafeMoon’s liquidity pool was locked, while secretly withdrawing over $9 million for personal gain. Karony’s former partner Thomas Smith testified against him, admitting misuse of funds.
“This wasn’t just negligence. It was calculated deceit,” prosecutors said during the trial, which included damning testimony from Karony’s former partner Thomas Smith.
The court has since ordered the forfeiture of key assets, including $1.8 million from a luxury home sale. With concerns over hidden digital wallets and potential flight risk, prosecutors are now pushing to keep Karony in custody ahead of sentencing.
