Investors Accuse Elon Musk of Dogecoin Insider Trading in $258B Lawsuit

Investors have accused Elon Musk of insider trading in a proposed class action lawsuit, alleging that he manipulated the cryptocurrency Dogecoin through Twitter posts, paid online influencers, and other publicity stunts, costing them billions of dollars. The investors claim that Musk used several Dogecoin wallets that he or Tesla controls to trade profitably at their expense. Musk and Tesla have sought a dismissal of the second amended complaint, calling it a "fanciful work of fiction." U.S. District Judge Alvin Hellerstein said he would "likely" allow the third amended complaint.