Twitter could be added as a defendant in the class action lawsuit that alleges dogecoin is a Ponzi scheme being manipulated by Elon Musk, if the plaintiffs can demonstrate that changing Twitter’s logo to a shiba inu was part of the scam.
Highlights
- Lawsuit alleges dogecoin is a Ponzi scheme being manipulated by Elon Musk.
- Tesla, the Dogecoin Foundation, and Musk asked a U.S.
- federal district court in New York to dismiss the case against them on March 31.
- The case was brought by investors who lost money when the price of dogeco collapsed between 2019 and 2021, after Musk appeared to stop supporting the memecoin.
- In October, Musk acquired Twitter and named himself as chief executive officer.
- In early April, he changed Twitter’s logo for that of a shiba inu dog.
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