Elon Musk is being accused of insider trading in a
proposed class action by investors accusing the
Tesla Inc (TSLA.O) CEO of manipulating the
cryptocurrency Dogecoin, costing them billions of
dollars.
In a Wednesday night filing in Manhattan federal
court, investors said Musk used Twitter posts, paid
online influencers, his 2021 appearance on NBC's
"Saturday Night Live" and other "publicity stunts" to
trade profitably at their expense through several
Dogecoin wallets that he or Tesla controls.
Investors said this included when Musk sold about
$124 million of Dogecoin in April after he replaced
Twitter's blue bird logo with Dogecoin's Shiba Inu
doa logo. leading to a 30% iumD in Doaecoin's once.