Tesla Inc CEO Elon Musk is being accused of insider trading by investors who have filed a billion-dollar class action lawsuit against the automobile company alleging manipulation of the cryptocurrency Dogecoin. Investors have told Manhattan Federal Court that Elon Musk used posts from the micro-blogging site Twitter. They paid online influencers and deliberately performed ‘publicity stunts’, just like on NBC’s “Saturday Night Live 2021”, spent from Dogecoin wallet to trade profitably.
Investors said that Musk sold about $124 million of Dogecoin in April after replacing Dogecoin’s blue bird logo with Dogecoin’s Shiba Inu dog logo. This caused a 30% jump in the price of Dogecoin. Let us tell you that Elon Musk bought Twitter last October.
Dogecoin Price Pushed Over 36,000% In Two Years.
According to Forbes magazine, investors have accused Musk of deliberately driving up the price of Dogecoin by more than 36,000% in two years and then allowing it to crash. He included his latest allegations in a proposed third amended complaint in a trial that began last June. Meanwhile, the Pentagon announced it is buying Starlink satellite communications terminals and services from billionaire Elon Musk’s SpaceX for use by Ukraine’s military.
The filing said, “Carnival barking, market manipulation and insider trading enabled Musk to defraud investors and promote himself and his companies intentionally.” Alex Spiro, Musk’s attorney, declined to comment Thursday. A lawyer for Tesla did not immediately respond to a request for comment. A lawyer for the investors did not immediately respond to a separate request.
