In the latest crisis for the world’s richest man, investors in Dogecoin are alleging Elon Musk used insider trading to profit off the Shiba Inu-themed cryptocurrency at their expense.
In an amended complaint filed on Wednesday, Dogecoin investors allege that Musk used his clout and connections to make money off the popular meme coin while leaving other investors out of billions of dollars.
According to Reuters, court documents called Musk’s approach to Dogecoin a “deliberate course of carnival barking, market manipulation and insider trading.” That included Musk’s hyping of Dogecoin in an appearance onin 2021 and his decision to temporarily switch out Twitter’s logo with that of Dogecoin earlier this year. A U.S. district judge said he would probably allow the amended complaint to go through.
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