I think, you know, social media is such a great tool. Sure, social media is a great tool, but now Kim Kardashian is being fined over $1 million for allegedly not disclosing she was being paid to promote cryptocurrency on Instagram. I am exhausted. The SKIMS founder must pay a whopping 1.26 million bucks in a settlement agreement with the Securities and Exchange Commission after she was charged with unlawfully touting a crypto company without letting her 330,000,000 plus followers know how much cash she was getting in exchange for the Post. It wasn’t the plan.
On Monday, the SEC explained in a press release, Kim is paying the fine without admitting to or denying their findings. The agency also revealed that Kim agreed not to promote any crypto companies for three years and will cooperate in its ongoing investigation. You just got to roll with it. And if you are wondering how much Kim got paid for the Insta story post, thanks to the SEC, we’ve got the answer. Drumroll, please. $250,000.
a lot, yes? A quarter of a million dollars, people. The SEC explained in a statement, “Federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion. As for Kim Kardashian settlement, it includes about $260,000 in disgorgement Kim Kardashian profit for the post, plus interest, as well as a $1 million penalty.
It was a whirlwind. And in a statement to Et, the reality star’s lawyer explained that she is pleased to have resolved the whole ordeal, adding that she has fully cooperated since the very beginning and wanted to get this matter behind her. Of course, Kim Kardashian is one of the reigning queens of social media, and when Et sat down with her back in 2018, she said when it comes to her past posts, she has no regrets. I’m never not proud of anything that I have shared, but at the time, it might be something that I was so excited to post, and now I can look back
and be like, well, I might not post that today, but I have no regrets. At that time, I was really feeling it. So just don’t be impulsive. Think it through. Think about if you want people to know this information because it’ll always be there.
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