The CEO of Twitter and Tesla has been accused of insider trading and manipulating the price of Dogecoin in a proposed class action lawsuit, reports Mashable.
Investors are claiming that Musk used his influence on Twitter, TV appearances, and paid online influencers to trade profitably at the expense of other investors
A Wednesday night filing in Manhattan federal court claims that Musk, for example, sold roughly $124 million worth of Dogecoin in April after he replaced Twitter's logo with Dogecoin's logo, which led to a 30 percent increase in Dogecoin's price. According to the filling, Musk went on a "deliberate course of carnival barking, market manipulation and insider trading" in order to defraud investors. In all, the complaint claims Musk had intentionally driven the price of Dogecoin up by over 36,000 percent over several years, and then let it crash.