Investors in a class action lawsuit have accused Tesla CEO Elon Musk of manipulating the cryptocurrency Dogecoin, which cost them billions of dollars. The investors stated that Musk used tweets on Twitter, paid online influencers, and his appearance in 2021 on NBC's "Saturday Night Live," along with other "publicity stunts," to trade and profit at their expense from several Dogecoin wallets controlled by him or Tesla.
The investors asserted that this ensured Musk sold Dogecoin worth approximately $124 million in April after he replaced Twitter's blue bird logo with the Dogecoin logo, resulting in a 30% surge in Dogecoin's price. Through these tactics, Musk allegedly intentionally raised the price of Dogecoin by over 36,000% over two years before letting it collapse.
Musk's attorney, Alex Spiro, declined to comment.
