• Elon Musk is denying owning Dogecoin (DOGE) in an insider trading lawsuit.
• The plaintiffs allege that Musk manipulated the price of the meme asset via Twitter posts, his appearance on Saturday Night Live and by paying influencers to promote DOGE.
• Alex Spiro, Musk’s lawyer, claims that the evidence presented toward the notion that the wallets belong to Musk is circumstantial.
Elon Musk Denies Owning Dogecoin
Billionaire Elon Musk is reportedly denying owning Dogecoin (DOGE) in a lawsuit that alleges he manipulated the price of the meme asset. In a letter reviewed by the New York Post, Alex Spiro, Musk’s lawyer, says that the plaintiffs’ allegations about his client owning a Dogecoin wallet are incorrect and baseless.
Insider Trading Lawsuit
Musk was originally sued in June 2022 by a group of disgruntled DOGE owners who claim that their financial losses were due to him manipulating its price. The plaintiffs sought to amend their complaint this month, accusing him of using Twitter posts and other methods so he could profit from its price rising. They also claimed he sold about $124 million worth of the memecoin after its price skyrocketed 30% following his decision to temporarily change Twitter’s icon logo to that of Dogecoin’s Shiba Inu dog.
Plaintiffs’ Allegations
In court documents, the defendants say that Musk’s “deliberate course of carnival barking, market manipulation and insider trading” allowed him to deceive investors and promote himself and his businesses. However, in a letter from Spiro it was stated that there was no basis for this claim as all evidence presented toward ownership was circumstantial.
Musk’s Response
In response to these allegations, Spiro stated that “You are wrong.” He argued there was no evidence linking Musk’s wallets with those selling Dogecoin at higher prices other than coincidence or speculation which inherently lacked any verification or proof therein.
Conclusion
It remains unclear whether or not Elon Musk actually owned any DOGE and if so how much at what times before or after certain events such as SNL took place as well as during and after any alleged market manipulations occurred—which remain under investigation presently pending further legal action taken against him in this ongoing case surrounding potential insider trading violations involving cryptocurrencies like Dogecoin (DOGE).
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