Tesla CEO Elon Musk is being accused of insider trading in a class-action lawsuit involving the meme cryptocurrency, Dogecoin (DOGE).
Complainants allege that Musk inflated DOGE’s price by 30% by replacing Twitter’s bluebird logo with Dogecoin’s Shiba Inu in April. The lawsuit “Johnson et al v. Musk et al” was started last year in the Southern District of New York and accuses Musk of manipulating the price of Dogecoin.
Musk’s defense argues that there were no irregularities in the tweets about the cryptocurrency. However, the investors involved in the class action argue that it is misleading to refer to DOGE as a “legitimate investment”.
Lawyers for the plaintiffs also emphasize that Musk has been defending DOGE for some time and claim that he has falsely claimed altruistic intentions.
DOGE pattern: learn how to profit a lot with Dogecoin, according to study
