• A class action lawsuit was filed against Elon Musk for alleged market manipulation and insider trading of Dogecoin (DOGE).
• The complaint claimed that Musk used various platforms, including Twitter and a Saturday Night Live appearance, to manipulate the price of DOGE for his gain.
• Additionally, the lawsuit accused Musk of profiting from trading Dogecoin through wallets controlled by him or Tesla at the expense of investors.
Elon Musk in Legal Trouble Following DOGE Price Manipulation
Billionaire entrepreneur and Tesla’s CEO, Elon Musk, was entangled in legal difficulties as Dogecoin [DOGE] investors filed a class action lawsuit accusing him of insider trading and market manipulation.
Musk Exploited Twitter For His Strategic Gain
The complaint alleged that Musk exploited various platforms such as Twitter and a “Saturday Night Live” appearance to manipulate the price of DOGE for his strategic gain. Furthermore, it was noted that acquisition of Twitter further complicated allegations which led to accusations that he used the social media platform to further his interests in unfair ways toward investors.
Musk Accused Of Deliberate Market Manipulation And Insider Trading
The filing noted that Mr.Musk engaged in a deliberate course of “carnival barking” market manipulation and insider trading which enabled him to defraud investors and promote himself and his companies. It was also noted that Musk deliberately inflated DOGE’s price by over 36,000% within two years before allowing it to crash causing considerable financial losses for the investors.
Investors Allege Strategic Divestment By Elon Musk
In order to strengthen their claims, investors drew attention to Musk’s strategic divestment of Dogecoin which totaled around $124 million around same time as when he replaced Twitter’s logo with Dogecoin’s Shiba Inu mascot causing memecoin’s value spike by 30%.
Dogecoin Remains Unbothered Despite Ongoing Drama
Despite all these ongoing drama surrounding Elon musk, DOGE managed to steer clear remaining unbothered and traded in green.