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Elon Musk Used Insider Trading to Manipulate Dogecoin Cryptocurrency

Elon Musk has been accused of insider trading by investors for manipulating the price of the cryptocurrency Dogecoin, causing billions of dollars in losses.

CNCB report In a proposed class action lawsuit, Elon Musk is accused of insider trading by investors who allege that he manipulated the Dogecoin cryptocurrency and caused billions of dollars in losses.

Tesla CEO Elon Musk unveiled the new Tesla factory on Wednesday, October 27, 2010 in Fremont, California. The new Tesla factory is the old NUMMI factory. (AP photo/Paul Sakuma)

Investors allege that Musk made profitable transactions at his own expense through several Dogecoin wallets allegedly controlled by Musk or Tesla. Investors also noted that Musk’s comments on Dogecoin, including multiple Twitter posts and an appearance on the 2021 NBC show, saturday night livethey were part of a “deliberate course of carnival barkering, market manipulation and insider trading” that allowed Mr. Musk to defraud investors and promote himself and his company.

In one notable incident mentioned in the lawsuit, Musk sold about $124 million worth of Dogecoin in April after switching Twitter’s blue bird logo to Dogecoin’s Shiba Inu logo. bottom. As a result of this action, the price of Dogecoin rose by 30 percent.

Investors believe that Mr. Musk, who has just regained his title as the richest man in the world, deliberately inflated the price of Dogecoin by more than 36,000 percent over two years, and then allowed Dogecoin to crash, with Mr. Musk deceiving investors, He claims he was able to promote himself and his company.

In March, Musk and Tesla demanded that the second amended complaint be dismissed as a “fictitious work of fiction,” and on May 26 argued that the subsequent amendment was unfair.

U.S. District Judge Alvin Hellerstein said Wednesday that it is “likely” to grant a third amended complaint because the defendants are unlikely to be harmed. Additionally, Hellerstein has granted investors’ requests to exclude the Dogecoin Foundation as a defendant. Lawyer Seth Levin said the dismissal was an “appropriate outcome.”

Musk and Tesla attorney Alex Spiro declined to comment on Thursday. A lawyer for the investor did not immediately respond to a request for comment.

The action is Johnson et al. v. Musk et al., United States District Court, Southern District of New York, No. 22-05037.

read more CNBC is here.

Lucas Nolan is a Breitbart News reporter who covers free speech and online censorship issues. follow him on twitter @LucasNolan

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