Legal Dispute Between Elon Musk and Dogecoin Investors Takes New Turn
- Shams Ul Zoha
- July 16, 2023
- 8:31 pm
WHAT YOU SHOULD KNOW
- The attorney representing the Dogecoin investors claims that Elon Musk and his lawyer have resorted to unlawful tactics to discredit the plaintiffs and their legal representation.
- The proposed class-action lawsuit accuses Musk of insider trading and manipulating Dogecoin for personal gain.
- The lawsuit highlights Musk’s April sale of approximately $124 million worth of Dogecoin, which coincided with the replacement of Twitter’s logo with Dogecoin’s Shiba Inu logo.
Elon Musk is currently embroiled in a legal dispute with a group of Dogecoin investors, and the case has taken a new twist. The attorney representing the plaintiffs in the lawsuit has accused Musk and his lawyer of employing unlawful tactics to intimidate and harass him and his clients. In a court filing, the attorney, Evan Spencer, alleged that Musk’s lawyer attacked his competence and disclosed a confidential letter between them to the media. Spencer believes that this is an attempt to discredit him and his clients.
The lawsuit against Musk claims that he defrauded investors while promoting Dogecoin. The plaintiffs argue that Musk engaged in insider trading and manipulated the cryptocurrency for personal gain. They present evidence of Musk’s ownership of a disputed wallet, citing a tweet he made in which he openly declared his acquisition of a significant amount of Dogecoin. The investors also accuse Musk of using tweets, paid influencers, and his appearance on “Saturday Night Live” to exploit Dogecoin, all while using wallets controlled by himself or Tesla.
The legal battle intensified when Musk sold approximately $124 million worth of Dogecoin in April, coinciding with his replacement of Twitter’s logo with Dogecoin’s Shiba Inu logo. The cryptocurrency experienced a 30% price spike shortly after the logo switch. These actions have raised suspicions and prompted investors to question Musk’s motives and potential impact on the market.
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