Elon Musk Faces Multiple Lawsuits Over Alleged Dogecoin Insider Trading and Manipulation

Elon Musk is facing a lawsuit alleging insider trading against his followers using Dogecoin. The lawsuit claims that Musk engaged in "a deliberate course of carnival barking market manipulation" through a "publicity circus" intended to pump Dogecoin's price. The lawsuit also presupposes that Dogecoin is an unregistered security under existing standards from the U.S. Securities and Exchange Commission. The accusations are a follow-up to a $258 billion class action lawsuit filed by the same group in June 2022, accusing Musk and his companies of causing hundreds of billions in losses for Dogecoin holders.