Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit By Cointelegraph
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A group of (DOGE) investors has requested leave to amend a class-action lawsuit against soon-to-be former CEO of Twitter Elon Musk, alleging he manipulated the price of the meme token.
In a May 31 filing in the United States District Court for the Southern District of New York, the investors claimed Musk used his social media following on Twitter as well as media appearances to profit off trades of DOGE through an “undisguised course of cryptocurrency market manipulation.” According to the complaint, Musk profited off DOGE trading at the expense of other investors by causing the price of the token to spike through actions including changing Twitter’s logo to the Dogecoin logo.
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© Reuters
A group of (DOGE) investors has requested leave to amend a class-action lawsuit against soon-to-be former CEO of Twitter Elon Musk, alleging he manipulated the price of the meme token.
In a May 31 filing in the United States District Court for the Southern District of New York, the investors claimed Musk used his social media following on Twitter as well as media appearances to profit off trades of DOGE through an “undisguised course of cryptocurrency market manipulation.” According to the complaint, Musk profited off DOGE trading at the expense of other investors by causing the price of the token to spike through actions including changing Twitter’s logo to the Dogecoin logo.
Continue Reading on Coin Telegraph
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