Elon Musk Faces Lawsuit Over Insider Trading Of Dogecoin
Musk Accused Of Defrauding Crypto Investors The lawsuit, filed in Manhattan federal court on Wednesday night, claims that Musk utilized a combination of tactics, including Twitter posts, paid online influencers, and other publicity stunts, to trade profitably through multiple Dogecoin wallets controlled by him or his electric vehicle company, Tesla. The investors assert that these actions led to significant financial losses for themselves, while Musk reaped substantial gains. advertisement Read More: Circle Announces Native USDC Launch On Arbitrum Network One alleged piece of evidence highlighted in the lawsuit was Musk’s sale of approximately $124 million worth of Dogecoin in April. The sale coincided with his decision to replace Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo, causing a 30% surge in Dogecoin’s price. As reported earlier on CoinGape, after several deliberations and pushback, the 51-year-old Tesla CEO finally a...