Dogecoin’s Value Allegedly Boosted by Elon Musk’s Insider Trading Actions
Elon Musk is facing accusations of insider trading by a group of investors who claim he used privileged information to trade in Dogecoin, costing them billions of dollars. The lawsuit, filed in a federal court in Manhattan, alleges that Musk made substantial profits through publicity stunts, tweets, payments to influencers, and an appearance on Saturday Night Live. The investors claim that Musk traded Dogecoin to his advantage at the expense of shareholders, who lost billions of dollars. The lawsuit cites a $124m sale of Dogecoin last April after Musk temporarily changed his Twitter logo to the dog Shiba Inu, Dogecoin’s brand, which increased the currency’s value by 30%. The investors are seeking $258bn in compensation from Musk for their losses. Neither Musk nor Tesla have responded to the lawsuit.
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