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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