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

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Investors proposing a class action lawsuit have accused Tesla CEO Elon Musk of insider trading and manipulating the cryptocurrency Dogecoin, costing them billions of dollars

In 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.

The investors’ lawyer did not immediately respond to requests for comment. 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. They included their latest accusations in a proposed third amended complaint, in a lawsuit that began last June.

 

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Elon Musk used SNL, other ‘publicity stunts’ to drive up dogecoin: lawsuitA “deliberate course of carnival barking, market manipulation and insider trading” enabled Musk to defraud investors, promote himself and his companies, the filing said.
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