Mr Musk, Tesla's eccentric founder and chief executive, has been credited with driving a surge of interest in cryptocurrencies.Mr Musk has been among a few US corporate leaders to have endorsed Bitcoin of bitcoin and would soon accept it as a form of payment for cars.
Mr Musk has also recently promoted another digital currency, dogecoin, on Twitter. But his posts have often placed him on a collision course with the SEC.in 2018, and had to give up his dual chairman role at the company, after being accused of making"false and misleading" tweets about potentially taking Tesla private.
The SEC, as part of a settlement to avoid a fraud lawsuit, made a further condition that Mr Musk would agree to clear market sensitive posts before publication. At the weekend, it was revealed that an investor was suing Mr Musk and Tesla for allegedly violating that agreement with the regulator. Chase Gharrity's claims relate to several tweets, such as Mr Musk's assessment in May last year that Tesla's stock price was"too high".Bitcoin, meanwhile, hit fresh highs of almost $62,000 over the weekend but retreated by 5% early on Monday.