Elon Musk is being accused of insider trading in a proposed class action by investors accusing the Tesla Inc CEO of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.
Highlights
- Elon Musk accused of manipulating cryptocurrency Dogecoin.
- Investors say Musk used Twitter posts, paid online influencers, “publicity stunts” to trade profitably at their expense.
- Judge says he will “likely” allow third amended complaint.
- Lawyer for Musk and Tesla declined to comment on Thursday.
- Investors have accused Musk of deliberately driving up DogeCoin’s price more than 36,000% over two years and then letting it crash, court papers say.
- They included their latest accusations in a proposed third amend complaint, in a lawsuit that began last June.
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