Elon Musk accused of insider trading with Dogecoin – 6/1/2023 – Tech
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Elon Musk is being accused of insider trading in a class action lawsuit filed by investors who accuse Tesla’s chief executive of manipulating the Dogecoin cryptocurrency, which has cost them billions of dollars.
In a lawsuit filed Wednesday night in federal court in Manhattan, investors said Musk used Twitter posts, paid online influencers, and used his 2021 appearance on NBC’s “Saturday Night Live” and other “publicity stunts” to make profitable trades at the expense of investors through various Dogecoin wallets controlled by him or Tesla.
Investors said this included when Musk sold about $124 million worth of Dogecoin in April after replacing Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo, leading to a 30% jump in the cryptocurrency’s price. .
A deliberate conduct of sensational advertisements, “market manipulation and insider trading” allowed Musk to mislead investors and promote himself and his companies, the filing said.
Alex Spiro, a lawyer for Musk and Tesla, declined to comment on Thursday. Investors’ counsel did not immediately respond to requests for comment.
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