Investors claim Tesla chief used Twitter, paid influencers and his TV appearance to manipulate price of cryptocurrency
Investors said this included when Musk sold about $124m 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.
A “deliberate course of carnival barking, market manipulation and insider trading” enabled Musk to defraud investors and promote himself and his companies, the filing said. Musk bought Twitter last October. He also runs SpaceX, a rocket and spacecraft manufacturer, as well as the electric carmakerAlex Spiro, a lawyer for Musk and Tesla, declined to comment on Thursday. The investors’ lawyer did not immediately respond to requests for comment., of deliberately driving up Dogecoin’s price more than 36,000% over two years and then letting it crash.
They included their latest accusations in a proposed third amended complaint, in a lawsuit that began last June. Musk and Tesla had in March sought a dismissal of the second amended complaint, calling it a “fanciful work of fiction”, and on 26 May said another amendment was unjustified.
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