Elon Musk accused of insider trading in Dogecoin lawsuit

The world s richest person and Twitter CEO Elon Musk has accused the world's richest person and Twitter CEO of insider trading in a proposed class action lawsuit. They accused the billionaire of manipulating the cryptocurrency, Dogecoin, which they allege cost them a fortune.

Investors said in a filing with the Manhattan federal court that Musk used Twitter posts, paid online influencers, his appearance on NBC s Saturday Night Live in 2021 and other publicity stunts to trade profitably at their expense via various Dogecoin wallets controlled by either him or Tesla.

Investors said the deal included Elon Musk selling Dogecoin in April after replacing Twitter's blue bird logo with Dogecoin's Shiba Inu dog logo. The price of Dogecoin rose 30 per cent, resulting in a 30 per cent jump in value.

The filing by Reuters also identified that the billionaire's skillful conduct of carnival barking, market manipulation and insider trading allowed him to mislead investors, promote himself and his companies. It's been reported that Musk has spiked the price of Dogecoin by more than 36,000 per cent in around two years and then letting it go rock bottom.

Investors have also filed lawsuits against Musk for manipulating the prices of Dogecoin through his Twitter blitzkrieg and other publicity stunts.

As of Friday, Dogecoin is among the top performers in the global crypto market. The cryptocurrency is currently trading at $0.07216 and has a market cap of $10.7 billion, according to coinmarketcap.com.

The world's richest person, Elon Musk, overthrew LVMH's Bernard Arnault on Thursday and became the world's richest man again, according to Bloomberg's Billionaires Index. At present, Musk has a net worth of $195 billion, while Arnault has a net worth of $187 billion.

They are followed closely by Jeff Bezos, Bill Gates, and Larry Ellison. Gates and Ellison have a net worth of $126 billion and $118 billion, respectively, while Bezos has a net worth of $146 billion.