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Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has ruffled enough feathers with his fervent cryptocurrency tweets that a group has launched a whole new project aimed simply at ending its alleged manipulation of the market. Benzinga spoke to the people behind StopElon (STOPELON) about their ambitious plans to oust Musk as CEO of Tesla and “rid the world of cryptocurrency manipulation.”
Simple visceral emotion: “We are just cryptocurrency investors who saw significant losses in our portfolio the day Elon Musk said Tesla did not accept Bitcoin as a payment method,” said Daniel, the co- founder of StopElon, in Benzinga.
Daniel revealed that the project was created “from a first burst of frustration”, but they had not imagined “such an ambitious roadmap and goals from the start”.
StopElon “was built from a simple visceral emotion in a real movement against market manipulation”.
StopElon traded down 17.5% to $ 0.00001734 at press time on Sunday, according to data from CoinGecko. The primary market for the coin is PancakeSwap (v2).
Why target musk in particular? Cryptocurrency markets can collapse for a variety of reasons. In the recent past, they fell after Chinese regulators announced measures to restrict mining and a host of other negative news, so why go after Musk alone?
“We focus on Elon Musk because he apparently flips about his stance and [reveling] in the price impacts it has as if it were a joke, ”said the StopElon spokesperson.
The project illustrated its point with Musk propelling Dogecoin (DOGE) to fifth place among cryptocurrencies, then calling it a “fuss” on television.
See also: How to buy Dogecoin (DOGE)
“This is clearly a manipulation for fun, not an impact on the prices of real and changing market conditions.”
The group also pointed out that Tesla sold Bitcoin (BTC) for $ 272 million worth of Bitcoin in the first quarter as a second example of “manipulation”.
The StopElon spokesperson said the sale took place just two weeks before Tesla pulled off Bitcoin purchases for vehicles. “It is important to note that this contradictory behavior comes from one individual.”
Importantly, Musk cited the “increasing use of fossil fuels” for Bitcoin mining and transactions on Twitter as the reason for Tesla’s stop payments in the cryptocurrency apex.
What about you, Musk? “There is a very real feeling of betrayal with Elon Musk,” Daniel told Benzinga.
“A lot of people entered space because it posted crypto-related rockets and moons. He suddenly changed sides, which caused pain to many people who idolized him.
See also: Is Elon Musk’s influence on the price of Dogecoin declining?
“Despite this, he continues to laugh at falling prices and people’s suffering as if it was a joke,” lamented the co-founder of the project.
Is the anger towards Musk justified? Dogecoin co-creator Billy Markus explained it as the tendency for people to “get very emotional when investing in crypto and it’s very volatile.”
Markus told Benzinga that “people who own crypto tend to get excited and want to talk about it, whether they are regular or famous investors.”
A dose of regulation perhaps? If cryptocurrencies are being manipulated, why not turn to watchdogs? StopElon told Benzinga that global regulatory oversight will (not?) Stop market manipulation.
See also: ‘Stopelon’ group protests Elon Musk’s ‘market manipulation’ of cryptocurrency outside Tesla Fremont factory
“It’s hard to eliminate manipulation by regulation anyway as the stock market has shown.”
Reserve for Success: “The first and most important thing is to establish continued voting confidence,” Daniel said. The project discusses and designs this framework with its legal team.
“Once completed, we hope that anyone will be able to ‘stake’ their share of voting rights with our project. This should allow anyone who owns Tesla shares to give us the right to vote without our having to worry about tax and shareholding issues. “
Another approach that complements the first strategy is to use the project’s marketing portfolio to buy multiple shares of the automaker and add them to the trust.
The project estimates that they would need a neutral third party to act as the custodian of the shares in order to resolve issues such as where the shares are held and who owns them, taxes, earnings and what. what happens to the proceeds after the shares are sold, among other things.
The project said it was not yet ready to announce the “precise structure or timing” of its share purchases and staking. “It is therefore speculative, but states our objective,” according to the co-founder of StopElon.
The clock is ticking: how long will it take StopElon to reach its goals? Benzinga inquired about the sense of urgency to arrest the new “crypto bad boy”.
“We are looking at the long term here and there is no reason to believe that our ambitions will no longer be relevant when we realize them,” said Daniel.
See Also: ‘WeLoveYouElon’ Trends On US Twitter As Elon Musk Dogecoin Fans Look To Counter Bitcoin Critics
StopElon said that since cryptocurrency and blockchain technologies are still in their infancy, they believe they are here to stay and would be “more relevant than ever” by the time they are released. would reach critical mass or enough stock to oust Musk or stop his tweets.
Musk, Pluto or Bust: So the people at StopElon have set themselves ambitious goals. One goal is to take back 2/3 of Tesla’s shares and another flies to Pluto.
“It’s incredibly ambitious, but it’s very possible,” said the project representative.
Who better to be inspired by than their pet peeve. Quoting Musk who said: “The most entertaining outcome is often the most likely,” the spokesperson said, “What could be more entertaining than a protest token initially focused on memes literally taking control of one? of the most forward-thinking energy companies on the planet? “
Read more: Dogecoin Co-Creator on Development Efforts Says ‘No Hit Elon’, Others But Actions Speak Louder Than Words
Photo by Daniel Oberhaus on Flickr
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