Dogecoin

Investors accuse Musk of insider trading in a class action lawsuit against Tesla, saying the company’s manipulation of Dogecoin cost them billions of dollars. They argue in a Manhattan federal court that Musk used paid online influencers, deliberately undertook ‘publicity stunts’ like his 2021 appearance on NBC’s “Saturday Night Live,” and more, to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls. They say this included the time Musk sold about $124 million of Dogecoin after he replaced Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo, leading to a 30% jump in Dogecoin’s price. The accusations are part of a proposed third amended complaint in the lawsuit which began in June 2022. (Tesla sought a dismissal of the second amended complaint, calling it a “fanciful work of fiction,” and said another amendment was unjustified, but US District Judge Alvin Hellerstein said he would “likely” allow the third amended complaint, as the defendants would not likely be prejudiced.) A “deliberate course of carnival barking, market manipulation and insider trading” enabled Musk to defraud investors, promote himself and his companies, the filing said.