Elon Musk accused of insider trading in Dogecoin case, could lose $258 billion

The lawsuit between crypto investors and Elon Musk has just begun in US federal court. Tesla CEO faces possible class action lawsuit cost him at least $258 billion. The irony of the calendar or simple coincidence, the fact is that the multi-billionaire has just reclaimed the title of the richest man in the world. Let’s go back to the Dogecoin crash case.

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According to the complainants, Mr Musk allegedly manipulated Dogecoin priceand it would cost them billions of dollars. Thus they accuse the American-Canadian businessman of using various tactics to gain profits at his expense. we remember thisHe changed Twitter’s logo in April 2023. By a chairman of Shiba, the Dogecoin logo.

Elon Musk is once again accused of using Twitter to manipulate prices

This pirouette caused the price of the virtual currency to explode and the tycoon Sold for $124 million According to the Investor group of this currency, Musk controls multiple Dogecoin walletsand so they think they can manipulate the price.

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To do this, Twitter’s former CEO would also have paid influencers, participated in a television show, and performed other actions. all aimed to draw attention to Dogecoin. It was alleged that Elon Musk deliberately manipulated the market and used his knowledge to trade stocks or assets in a way that would benefit himself but harm others. Raising Dogecoin price (+36,000%) in the last two years, then let it drop. The lawsuit between Musk and investors has just begun and may not be concluded for a long time.

Source : Guard

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