Elon Musk Faces New Lawsuit Alleging Dogecoin Manipulation
The lawsuit claims that Elon Musk’s actions caused significant financial losses to the investors, amounting to hundreds of billions of dollars. The lawsuit, filed in a Manhattan court, alleges that during 2021, Elon Musk engaged in various activities to promote Dogecoin, including frequent mentions on his personal Twitter page and promoting the cryptocurrency on US television. The investors claim that these actions artificially inflated the price of Dogecoin.
The group of investors also highlights an incident in April 2023 when Musk sold $124 million worth of DOGE shortly after replacing the Twitter logo with the Dogecoin logo on his social media profile. This move allegedly triggered a 30% price spike in Dogecoin at that time. The lawsuit, which began in June 2022, also accuses Musk of directing his companies, Tesla and SpaceX, to accept DOGE payments to create a false perception that Dogecoin was a viable investment. The investors are seeking $258 billion in damages from Musk, Tesla, and SpaceX. Elon Musk’s legal team has been attempting to dismiss the case, dismissing the presented details as “fictitious.”
Source
https://t.me/DeFi_Ethereum
