Elon Musk has publicly promoted Dogecoin on multiple occasions.
The complaint states that Musk took use of his large Twitter following to manipulate.
The million-dollar class action lawsuit filed against Elon Musk for insider trading of cryptocurrency Dogecoin took a new turn today. Elon Musk’s lawyer Alex Spiro revealed that Mr. Musk does not own any Dogecoin wallets that were part of price manipulation.
Earlier, a class action lawsuit was filed against the billionaire for allegedly manipulating price of Dogecoin and cashing out $95 Million in pump dump.
Manipulating the Market
Late in May, a group of DOGE investors revised their case, accusing Musk of deceptive practices that inflated the price of the currency. The complaint states that Musk took use of his large Twitter following and subsequent participation on NBC’s Saturday Night Live to manipulate the cryptocurrency market in his favor.
Elon Musk has publicly promoted Dogecoin on multiple occasions mostly to his large number of twitter followers. It was always believed that the billionaire is actually a Dogecoin holder. The ongoing proceedings in the lawsuit filed against Elon Musk particularly mention Dogecoin wallets that benefitted from Elon Musk’s tweets between April 3rd, 2023 to April 9th, 2023.
As reported by NY Post, his lawyer in court blasted the plaintiff’s lawyer for assuming that the wallet in trial belong to billionaire Elon Musk. He argued that the sole basis for the lawsuit is that these wallets belong to Elon and which is in fact wrong.
As falsely reported by many popular publishers, Elon Musk does not own any Dogecoin, but actually he has publicly admitted to owning cryptocurrencies including Dogecoin. He may have other wallets which were never a part of the pump dump. So, this FUD that Elon Musk is not owning any Dogecoin may be actually untrue. In a tweet from, October 2021, Elon Musk shared that he owns Bitcoin, Ethereum, and Dogecoin.