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.