Elon Musk accused of insider trading by investors in Dogecoin lawsuit

Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla Inc CEO of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.

In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, appeared on NBC’s “Saturday Night Live” in 2021 and used “publicity stunts” to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls.

Investors said this included when Musk sold about $124 million of Dogecoin in April after he replaced Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo, leading to a 30% jump in Dogecoin’s price.

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