After giving recent events a bit of thought I have come to the conclusion that the only way to deal with Elon Musk's activity in the cryptocurrency space is to short tesla stock to destroy the stock's price. The man is a grifting billionaire who got to where he is by failing upwards. His shilling of bitcoin on twitter to his fans, followed by his subsequent selling of a portion of Tesla's stack and retracement of accepting bitcoin as payment is clear price manipulation. Musk knows what bitcoin's energy requirments are and Tesla would have done their due diligence before investing $1.5 billion in an asset so their stated reasons for having done what they have don't add up. This type of behaviour would seem natural to Musk given the history early in his career of flipping worthless businesses to make his fortune.
He will have no qualms about doing this again in the future when he feels the heat has died down in order to make more money. Worse, he will probably try to shill some scheme such as saying Tesla will help cryptocurrency miners by providing solar panels (tesla solar panels are actually cheap chinese imports that have been known to catch fire and burn down people's roofs) in order to make more money. The man can not resist being in the limelight and being seen solving problems which he does not have the expertise to be involved in just to get free advertising.
The SEC will likely not do anything and even if they do it won't be enough. The only way to hurt this man would be in his wallet, hence shorting Tesla which most of his wealth is tied up in. I'm talking on a massive scale here so that we can kick him out of the cryptocurrency space for good. Tesla is an overvalued company anyway. They barely produce any cars and generate more revenue through carbon tax credits handed to them from the government which they then sell to other automakers that actually turn a profit. Their cars are charged on the electric grid which mostly derives it's electricity from fossil fuels and the mining of lithium and other rare earth metals for his cars is highly polluting. This effecively means Tesla is a greenwashed company, not a green company. Their output in no way justifies their high stock price which has a ridiculous p/e ratio and doesn't even pay a dividend. There is a high chance that sucessfully doing this would result in Musk's removal as the ceo of Tesla as the board and shareholders will have had enough of his shit.
Saying all that I however do not realistically expect any of this to happen as organizing such a thing is not really feasible. But I do believe that it is the only way to deal with this man and kick him out for good. Else he is just going to keep screwing with the cryptocurrency space. Any thoughts that the SEC, courts or politicians are going to sucessfully reign him in are delusional at this point.
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