Elon Musk Faces Accusations of Dogecoin Insider Trading and Price Manipulation

Elon Musk is facing fresh allegations of illegal insider trading of Dogecoin by manipulating its price for personal gain. Plaintiffs accuse Musk of luring in willing buyers to unload $124 million worth of Dogecoin into a bull market, committing fraud by employing “a deliberate course of carnival barking” to “pad his obscene fortune” at the expense of unwitting retail investors. The latest evidence provided to substantiate the claim was the temporary change of Twitter’s logo between April 3 and April 6, replacing the familiar blue bird with the Shiba Inu from Dogecoin. Musk’s legal team argued that “tweeting words of support” does not constitute fraud.