Elon Musk, the CEO and product architect of Tesla, has been accused of insider trading in a class-action lawsuit involving the meme coin dogecoin (DOGE). The plaintiffs accuse Musk of inflating the price of DOGE by 30% when he changed Twitter’s blue bird logo “to the Dogecoin Shiba Inu logo.”
Tesla’s CEO Accused of Insider Trading for Swapping Twitter’s Blue Bird for Doge
On May 31, 2023, a court filing was submitted in Manhattan alleging that Elon Musk engaged in insider trading and manipulated the price of dogecoin (DOGE). The lawsuit against Musk, titled “Johnson et al v. Musk et al,” was initiated last year as a class action in the Southern District of New York. In April of this year, Musk’s legal team attempted to have the case dismissed, with his attorneys arguing that there was no wrongdoing in tweeting about a legitimate currency.
However, investors involved in the class-action lawsuit argue that referring to DOGE as a “legitimate investment” is deceptive si
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