A group of investors is suing Elon Musk for using various methods to manipulate the price of “Dogecoin” for his own benefit.
On Wednesday (May 31), a group of investors filed a lawsuit in Manhattan federal court. Suit against Elon Musk, New Billionaire Owner of Twitter accuses Musk used various methods to manipulate the price of digital currency “Dogecoin” to his advantage.
The investor group said Musk uses insider trading to tweet messages on Twitter. Paid online influencers and “shocking tricks” to make himself profitable in Dogecoin trading.
The investor group said The most obvious case was in early April, when Musk changed Twitter’s logo from a blue bird to a Shiba Inu, causing Dogecoin to soar 30% and sell about $124 million in tokens (almost 4.3 billion baht)
They say deliberate solicitation practices, market manipulation and insider trading. This allows Musk to deceive investors and promote himself and his company.
The investor group also accused Musk deliberately manipulated the price of Dogecoin to skyrocket more than 36,000% in two years and let it crash.
This lawsuit started in June last year. But corrections and complaints have been continuously added, with the above details being disclosed this time, which counts as adding the details of the indictment for the third time.
last March Musk and Tesla tried to get rid of the complaints after the second amendment. that the information appearing in this lawsuit “is all made up”
Compiled from The Guardian
Image from Getty Images.
Tesla power sells well, Musk again claims the title of the richest man in the world
Investors say Twitter’s value has fallen by more than two-thirds.
The blue bird is gone! Twitter Logo Becomes “Shiba Inu” Pushing Dogecoin Value
