Tesla CEO Elon Musk is being accused of insider trading in a proposed class action by investors. The investors are accusing Musk of manipulating the cryptocurrency Dogecoin, costing them billions of dollars.
Investors accused Musk of using Twitter posts, paying online influencers, using his 2021 appearance on NBC’s “Saturday Night Live” and other “publicity stunts” to trade profitably at their expense through several his Dogecoin wallets.
The Investors said Musk sold about $124 million of Dogecoin in April after he replaced Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo, leading to a 30% jump in Dogecoin’s price.
The Investors have accused Musk of deliberately driving up Dogecoin’s price more than 36,000% over two years and then letting it crash.