Elon Musk Allegedly Accused of Insider Trading by Amended Lawsuit Filed by Dogecoin Investors

Investors in Dogecoin are accusing Elon Musk of manipulating the price of the cryptocurrency via tweets, according to an amended lawsuit filed in the US District Court for the Southern District of New York. The claimants argue that Musk used his significant influence on Twitter to artificially increase Dogecoin’s price and sold an undisclosed amount of tokens after receiving insider information. They also claim that Dogecoin is an unregistered security and accuse Musk of promoting it in violation of US Securities and Exchange Commission rules. The investors hope to convince the court to force Musk to pay them more than $250bn in damages. Musk has previously petitioned to have the case dismissed on the grounds that there is a lack of evidence.

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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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