Alleged Insider Trading: Musk Faces Class-Action Suit Filed by Dogecoin ($DOGE) Investors

Elon Musk, CEO of Tesla and SpaceX, has been accused of insider trading in a proposed class-action lawsuit filed by investors who allege that he used social media to manipulate the value of cryptocurrency Dogecoin. They claim that Musk used Twitter posts, paid online influencers and high-profile public appearances to influence the cryptocurrency’s price, leading to losses amounting to billions of dollars. Investors assert that Musk, through his control over various Dogecoin wallets, was able to trade to his advantage. The suit cites a number of specific incidents of alleged manipulation, including a surge in Dogecoin prices following a move by Musk to replace Twitter’s blue bird logo with the Shiba Inu dog logo of Dogecoin. It is claimed Musk sold $124m worth of the cryptocurrency after its price surged. Musk and Tesla previously sought to dismiss a second amended complaint in relation to the allegations.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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