• Musk was accused of using Twitter and SNL for Dogecoin price manipulation in a lawsuit filed against him
• The lawsuit alleged that Musk profited from trading Dogecoin through wallets controlled by him or Tesla, at the expense of investors.

Billionaire Elon Musk was facing fresh accusations as Dogecoin [DOGE] investors filed a class action lawsuit accusing Musk of insider trading.‌

According to reports, billionaire entrepreneur and Tesla’s CEO, Elon Musk, was entangled in legal difficulties. A suit lodged in Manhattan’s federal court alleged that Musk engaged in market manipulation and insider trading of DOGE. 

Elon’s using Twitter to propagate price manipulation

The complaint alleged Musk exploited various platforms, including Twitter and a “Saturday Night Live” appearance, to manipulate the price of DOGE for his strategic gain. Musk’s acquisition of Twitter further complicated allegations. This led to accusations that Musk used the social media platform to further his interests in unfair ways toward investors.

The lawsuit 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. The filing noted,

“This is a securities fraud class action arising from a deliberate course of carnival barking market manipulation and insider trading by the world’s richest man Elon Musk.”

Furtherm

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Author: Suzuki Shillsalot

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