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- Dogecoin investors have accused Elon Musk of insider trading and manipulating the price of DOGE.
- Investors have demanded that a class-action lawsuit filed against Musk last year be amended to incorporate the latest allegations.
- DOGE holders claim Musk used Twitter posts and his online influence to manipulate the price of the meme token.
Dogecoin investors have accused Elon Musk of insider trading and manipulating DOGE. In a proposed amendment to an ongoing class action lawsuit, DOGE investors accuse the billionaire businessman of using his influence to manipulate the price of the world’s largest meme token and profit from it in the process, thereby Costing them billions of dollars.
Musk Accused of Using Twitter to Manipulate Dogecoin
according to a report Reuters, Dogecoin investors filed a petition in Manhattan federal court to amend a class action lawsuit originally filed against Elon Musk in June 2022. In the third amendment to the lawsuit, investors say the Twitter CEO used multiple Twitter posts, paid online influencers and public appearances to manipulate the price of DOGE in order to profit from the trade at their expense.
Investors cited several examples of Musk’s alleged manipulative behavior, including his 2021 appearance on NBC’s Saturday Night Live and last month’s display of Dogecoin’s Shiba Inu mascot on the Twitter homepage.After Musk sold nearly $124 million worth of DOGE, due to its logo displayed on Twitter
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This is a securities fraud class action lawsuit stemming from the deliberate orgy of market manipulation and insider trading by the world’s richest man, Elon Musk”
Court documents filed by Dogecoin investors
U.S. District Judge Alvin Hellerstein reportedly said he “may” allow the latest amended complaint, noting that the defendants are unlikely to have been biased. Elon Musk’s lawyer declined Reuters’ request for comment. A lawyer for Musk’s electric car giant Tesla did not respond to a request for comment. Earlier this year, Musk and Tesla asked the court to dismiss a second amended complaint filed by Dogecoin investors, calling it a “fictional work of fiction.”
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