Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla Inc CEO of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.
NEW YORK, June 1 - Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla IncIn a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC's "Saturday Night Live" and other "publicity stunts" to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls.
A "deliberate course of carnival barking, market manipulation and insider trading" enabled Musk to defraud investors, promote himself and his companies, the filing said. Investors have accused Musk, the world's second-richest person according to Forbes magazine, of deliberately driving up Dogecoin's price more than 36,000% over two years and then letting it crash.
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