Dogecoin investors bark back at Elon Musk as allegations of insider trading fuel a new chapter in their class-action lawsuit.
in June 2022 — prior to Musk’s takeover of Twitter but following his initial interest in promoting DOGE on the social media platform — but have amended the lawsuit at least two times based on his actions. They requested leave from the court to amend their complaint alleging Musk was responsible for insider trading of DOGE but also to claim the token was a security under the standards of the U.S. Securities and Exchange Commission.
“This is a securities fraud class action arising from a deliberate course of carnival barking market manipulation and insider trading by the world’s richest man Elon Musk, who hijacked an emergent pop-culture phenomenon to cross-promote himself and his companies, and to pad his obscene fortune, preying on the earnest hopes of vulnerable Americans, including war veterans, blue collar workers, and the elderly,” said the amended lawsuit.
Musk changed the Twitter logo to that of Dogecoin on April 3, a few days after his legal team requested the second amended lawsuit be dismissed. At the time, the Twitter CEO’s filing said “funny pictures” and “tweeting words of support” did not amount to fraud.Musk had not tweeted about the amended complaint at the time of publication.
Since Musk’s takeover of Twitter in October 2022, the value of the social media platform has reportedly
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