New York Post Claims Elon Musk Rejects Dogecoin (DOGE) Ownership Allegations in Insider Trading Lawsuit

Billionaire Elon Musk is denying accusations in a lawsuit that he manipulated the price of Dogecoin (DOGE) by owning the meme asset. Musk’s lawyer stated that the plaintiffs’ allegations about his client owning a Dogecoin wallet are incorrect and baseless. The lawsuit was filed in June by a group of DOGE owners who claimed financial losses due to Musk’s alleged price manipulation. The plaintiffs sought to amend their complaint, accusing Musk of using Twitter posts, his appearance on “Saturday Night Live,” and paying influencers to promote DOGE to profit from its price increase. They also claimed that Musk sold $124 million worth of the memecoin after its price rose by 30% following his decision to change Twitter’s logo to Dogecoin’s Shiba Inu dog. In response, Musk’s lawyer stated that the evidence presented linking the wallets to Musk was circumstantial based on the timing of the Dogecoin sales. The defendants argue that Musk’s actions constituted “market manipulation and insider trading” and allowed him to deceive investors for personal gain. It is important to note that the information provided is not investment advice, and readers should conduct their own research before making investment decisions.

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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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