- Elon Musk continues to fight a $258 billion lawsuit.
- The lawsuit alleges Musk is guilty of insider trading with DOGE.
- In turn, Musk says he does not own Dogecoin wallets connected to insider trades.
The ongoing case of Elon Musk’s $258 billion lawsuit comes with new updates. In detail, the CEO of Tesla refutes claims that he owns Dogecoin wallets linked to insider trading in the ongoing class action lawsuit.
Specifically, the lawsuit accuses Musk of engaging in a racketeering scheme to support the meme-based cryptocurrency. In response to the allegation, Musk says he does not own Dogecoin (DOGE) wallets linked to insider trading.
However, according to court records, two wallets allegedly connected to Musk sold 1.4 billion Dogecoins. This is equivalent to over $124 million, over a two-day period in April. Meanwhile, Musk’s attorney Alex Shapiro, dismisses these allegations as unfounded and lacking evidence.
The amended lawsuit, filed by a group of Dogecoin investors, accuses Musk of market manipulation and capitalizing on his substantial Twitter following. Musk, often referred to as the ‘Dogefather’ and ‘Dogecoin CEO’, has been an outspoken advocate for the meme coin, frequently tweeting about it.
Dogecoin, initially created as a joke in 2013, has experienced a surge in popularity and market value. This in many instances only took place after a DOGE hype tweet from Elon Musk on Twitter.
Presently, DOGE holds the eighth position among cryptocurrencies. It has a market capitalization of approximately $8.7 billion. The asset has surged many times following a hype tweet from the CEO of Tesla himself. This also took place before the tech titan bought Twitter.
The lawsuit alleges that Musk’s actions, including his social media influence and appearance on NBC’s Saturday Night Live, contributed to manipulative practices that inflated the token’s price. The court will ultimately determine the extent of Musk’s involvement with Dogecoin, beyond his activities on Twitter.
As the legal proceedings continue, Musk remains firm in his denial of owning the implicated Dogecoin wallets and engaging in insider trading. The lawsuit raises important questions about the responsibility of influential figures in the cryptocurrency industry and the potential impact of their actions on market dynamics.
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