NEW YORK: Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla CEO of 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 i
NEW YORK: Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla CEO of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.
Investors said this included when Musk sold about US$124 million of Dogecoin in April after he replaced Twitter's blue bird logo with Dogecoin's Shiba Inu dog logo, leading to a 30 per cent jump in Dogecoin's price. Musk bought Twitter last October. Alex Spiro, a lawyer for Musk, declined to comment on Thursday. A lawyer for Tesla did not immediately respond to a request for comment. The investors' lawyer did not immediately respond to a separate request.
They included their latest accusations in a proposed third amended complaint, in a lawsuit that began last June.
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