Investors file insider trading suit for Dogecoin

Elon Musk is facing allegations of insider trading in a proposed class action lawsuit filed by investors who accuse the Tesla Inc CEO of manipulating the cryptocurrency Dogecoin, resulting in substantial financial losses amounting to billions of dollars.

According to a filing made in Manhattan federal court on Wednesday night, investors claim that Musk utilized various means, including Twitter posts, payments to online influencers, his appearance on NBC’s “Saturday Night Live” in 2021, and other attention-grabbing tactics to trade Dogecoin profitably at their expense.

The investors assert that Musk or Tesla controlled several Dogecoin wallets through which these manipulative actions took place, Nasdaq reported.

Elon Musk is accused of insider trading by investors in Dogecoin lawsuit
READ MORE: https://www.nasdaq.com/articles/elon-musk-is-accused-of-insider-trading-by-investors-in-dogecoin-lawsuit-0

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