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Elon Musk is accused of insider trading by investors in Dogecoin lawsuit

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Tesla CEO is accused of ‘eliberate course of carnival barking, market manipulation and insider trading’

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.

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.

In a Wednesday order, U.S. District Judge Alvin Hellerstein said he would “likely” allow the third amended complaint, saying the defendants would not likely be prejudiced.

 

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