Elon Musk Refutes Dogecoin Ownership Amid Insider Trading Lawsuit Allegations

Tesla CEO Elon Musk has denied allegations that he owns Dogecoin and manipulated its price, in response to a proposed class action lawsuit. Musk’s lawyer, Alex Spiro, stated that the accusations against his client and Tesla are baseless, and that the evidence provided is only circumstantial. The lawsuit claims that Musk engaged in insider trading and manipulated Dogecoin by tweeting about it, using paid influencers, and appearing on “Saturday Night Live.” The complaint also cites Musk’s tweet in February 2021, where he openly declared his acquisition of Dogecoin, as evidence of his ownership. Investors allege that Musk exploited Dogecoin for personal gain, citing his sale of approximately $124 million worth of the cryptocurrency in April, which coincided with a spike in its price after Musk replaced Twitter’s logo with Dogecoin’s iconic Shiba Inu logo. They further accuse Musk of knowingly manipulating the market, engaging in insider trading, and deceiving investors for his own and Tesla’s interests. Dogecoin is currently trading at $0.06244, with a 6% increase in the last seven days.

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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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