A class action lawsuit was filed against Elon Musk, who has been talked about for his support of Dogecoin in recent years, for replacing Twitter's logo with a Dogecoin image. Complainants in the lawsuit filed in Manhattan federal court accuse Musk of "insider trading".
One year after the $258 billion Dogecoin lawsuit filed in June last year, Elon Musk faced yet another accusation regarding the biggest meme coin. Musk was also sued for changing Twitter's logo and replacing it with a Dogecoin image.
Cause unknown
As it will be remembered, on Twitter, owned by Musk, in April, the logo known as the "blue bird" was replaced by the Dogecoin image. This change, which lasted about 4 days, was later terminated. During this time, Dogecoin had increased by more than 30%. Elon Musk or Twitter management did not inform about this change.
These events led to a class action lawsuit against Musk. Complainants filed in Manhattan federal court, suing Musk for "insider trading".
âMarketing, manipulation and 'inside trading' was doneâ
In the petition, Musk's words on the Saturday Night Live program, which he attended in 2021 and where he talked about Dogecoin, and some Twitter posts, the following statements were used:
âWhat is done here is deliberate market manipulation, marketing strategy and 'insider trading'. This has caused Musk to defraud his investors and bring his companies and himself to the fore.â
Musk also shared an image of an NFT from the Milady Maker series in his Twitter account in May. After this sharing, the price of Milady Meme Coin (LADYS), which has nothing to do with the NFT series, was valued more than 5000 percent.
