Musk is in trouble again, but DOGE manages to steer clear this time
that Musk engaged in market manipulation and insider trading of DOGE.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“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.”
Furthermore, the lawsuit also stated that Musk deliberately inflated DOGE’s price by over 36,000% within two years before allowing it to crash. As a result, causing considerable financial losses for the investors. To strengthen their claims, investors drew attention to Musk’s strategic divestment of Dogecoin, totaling around $124 million. This action occurred around the same time as Musk’s decision to replace
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