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.