Elon Musk allegedly manipulated the cryptocurrency rate using confidential information, according to investors who sued the billionaire. “Musk and his company Tesla illegally made billions of dollars from millions of working Americans,” the complaint says.
The case was referred to the US court in June last year. On Wednesday, another hearing took place, during which American investors who signed a class action lawsuit accused the billionaire of using confidential information to manipulate the cryptocurrency rate.
Lawsuit for Dogecoin
According to the investors who sued the billionaire, Musk must have deliberately manipulated the price of the cryptocurrency through his social media posts, payouts to investors, or the famous speech on Saturday Night Live, during which he criticized Dogecoin.
A similar manipulation was allegedly performed by the billionaire in April of this year, when he changed the Twitter logo to the famous “dog”, that is, the symbol of the Dogecoin cryptocurrency. The score then jumped 30 percent. and the billionaire sold Dogecoins for $124 million.
Mask and dog
Musk, who is once again the richest man in the world, is a longtime fan of dogecoin. In April 2021, he called himself the “Father of the Great Danes” on Twitter. The following month, he said that the token was “the future of the currency” on an episode of Saturday Night Live.
The popularity of Dogecoin, which was created as a joke and has no practical application, skyrocketed during the 2021 crypto boom but has since declined. Its price is just over 7 cents - 90 percent. below a peak of 68 cents on May 8, the day before Musk appeared on SNL.
“Document”
Filmmakers from the PleasrDAO Creator Collective and Own the Doge Community have announced a feature-length film exploring the Doge meme phenomenon. Although the production does not yet have a title, it is already being called a “documentary” about one of the Internet’s most famous dogs.
PleasrDAO is a group of digital artists and NFT collectors that became famous for buying the rights to the Doge meme for over $4 million in 2021, among other things. Own the Doge is a community dedicated to various dog NFTs. Funding for production comes from these communities.
Source: Wprost
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