Insider trading lawsuit: Here's how much Elon Musk pumped DOGE
When billionaire and Dogecoin evangelist Elon Musk changed Twitter’s logo to the doge mascot in April, no one was laughing but him. According to a group of investors suing Musk, it’s just another example of the world’s richest man manipulating the memecoin’s price to engage in insider trading. In a proposed third amended complaint filed on Wednesday in Manhattan federal court, investors say Musk sold about $124 million of dogecoin after Twitter’s logo change led to a 30% price jump. The court case, ongoing since last June, argues that Musk used social media posts, paid online influencers, a Saturday Night Live appearance, and other “publicity stunts” to pump doge and sell at a profit. Musk was able to defraud investors through a “deliberate course of carnival barking, market manipulation and insider trading,” the latest filing read. The Tesla chief is accused of driving up dogecoin’s price by over 36,000% over two years and letting it crash. At the end of 2021, Protos investigated...