As of the time of this writing, neither Musk nor his legal team have commented on the amended lawsuit from Dogecoin investors.
a group of dog coin (DOGE) investors have a long-running class-action lawsuit against Twitter’s outgoing CEO Elon Musk for alleged insider trading offenses. investors, According In a recent filing, it requested leave to amend its current lawsuit to show that the world’s richest man manipulated the price of DOGE.
Investors are particularly specific about the billionaire’s move when he changed Twitter’s logo to Memecoin in early April. Victim investors believed that Elon Musk used the incident as “an undeniable course of cryptocurrency market manipulation”.
“This is a securities fraud class action stemming from a deliberate course of carnival barking market manipulation and insider trading by Elon Musk, the world’s richest man, who used an emerging pop culture to cross-promote himself and his companies.” -hijacked the cultural phenomenon, and preyed upon the true hopes of vulnerable Americans, including war veterans, blue-collar workers, and the elderly, with their obscene fortunes,” the amended lawsuit.
Elon Musk is known for his bold and positive support for Dogecoin, with posts and memes always intriguing Memecoin’s community. It is not unusual for Elon Musk to be vocal about any crypto or stock he is interested in and any tweet from the investor is often considered a buy signal by his more than 141.8 million followers on Twitter.
The class action lawsuit was first filed in June last year and the investors have amended the complaint more than once. one of the following prior claims The number of investors that Musk manipulated the DOGE token was in line with the standards of the United States Securities and Exchange Commission (SEC) is an unregistered security.
A request for leave to amend the lawsuit was filed on May 31 in the US District Court for the Southern District of New York.
Elon Musk and the future of Dogecoin
Elon Musk has handled Twitter’s affairs as CEO since acquiring the company and a few weeks ago, he revealed that he is stepping down from the role and handing it over to Linda Yacarino, NBCUniversal’s former president of global advertising and partnerships. Will give
Speculation running on crypto Twitter now is that Dogecoin will have a future when Elon Musk steps down as CEO. With all eyes on Linda Yacarino, she has proven to be an emerging fan of the Memecoin ecosystem after following several dedicated accounts including Dogecoin and Shiba Inu (SHIB).
While mega promotions for Memecoin such as changing the Twitter logo to Dogecoin may be non-existent under Linda, other major initiatives bordering on the integration of the token as a means of payment in Twitter 2.0 may still be possible.
As of the time of this writing, neither Musk nor his legal team have commented on the amended lawsuit from Dogecoin investors.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Bitcoin Crypto Related Post
