A class action accuses Musk of deliberately driving up Dogecoin’s price by more than 36,000% over two years and then letting it crashTesla owner Elon Musk has been accused of insider trading by manipulating the cryptocurrency Dogecoin and costing investors billions of dollars. A “deliberate course of carnival barking, market manipulation and insider trading” enabled Musk to defraud investors, promote himself and his companies, the filing said. Investors have accused Musk, the world’s second-richest person according to Forbes magazine, of deliberately driving up Dogecoin’s price more than 36,000% over two years and then letting it crash. They included their latest accusations in a proposed third amended complaint, in a lawsuit that began last June. In a Wednesday order, US District Judge Alvin Hellerstein said he would “likely” allow the third amended complaint, saying the defendants would not likely be prejudiced.

Source: Forbes June 02, 2023 16:24 UTC