In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC’s “Saturday Night Live” and other “publicity stunts” to trade profitably at their expense through several dogecoin wallets that he or Tesla controls.
Investors said this included when Musk sold about $124 million of dogecoin in April after he replaced Twitter’s blue bird logo with dogecoin’s Shiba Inu dog logo, leading to a 30% jump in dogecoin’s price. Musk bought Twitter last October.
A “deliberate course of carnival barking, market manipulation and insider trading” enabled Musk to defraud investors, promote himself and his companies, the filing said.
Source: Elon Musk accused of insider trading by dogecoin investors
