NEW YORK – Mr Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla chief executive of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.
Investors said this included when Mr Musk sold about US$124 million worth of Dogecoin in April after he replaced Twitter’s blue bird logo with Dogecoin’s shiba inu dog logo, leading to a 30 per cent jump in Dogecoin’s price. Mr Musk bought Twitter last October.A “deliberate course of carnival barking, market manipulation and insider trading” enabled Mr Musk to defraud investors, promote himself and his companies, the filing said.
They included their latest accusations in a proposed third amended complaint, in a lawsuit that began in June 2022.
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