'Deliberate course of carnival barking': Dogecoin investors accuse Elon Musk of insider trading  

Dogecoin investors have accused the world’s richest person and Twitter CEO Elon Musk of insider trading in a proposed class action lawsuit. They also 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 this includes Elon Musk selling Dogecoin worth $124 million in April after replacing Twitter’s blue bird logo with Dogecoin’s Shiba Inu dog logo. This led to a 30 per cent jump in Dogecoin’s price.  

The filing accessed by Reuters also noted that “deliberate course of carnival barking, market manipulation and insider trading” enabled the billionaire to defraud investors, promote himself and his companies. They accused Musk of deliberately spiking the price of Dogecoin by more than 36,000 per cent in around two years and then letting it go hit rock bottom.  

This, however, is not the only lawsuit that investors have filed against Musk for allegedly manipulating prices of Dogecoin through his Twitter blitzkrieg and other publicity stunts.  

Dogecoin price today 

As of Friday, Dogecoin is among the top gainers in the global crypto market. Dogecoin is currently trading at $0.07216 and has a market cap of $10.7 billion, as per coinmarketcap.com.  

Elon Musk net worth  

Meanwhile, Elon Musk overthrew LVMH’s Bernard Arnault and became the world’s richest person again on Thursday, as per the Bloomberg’s Billionaires Index. Musk has a net worth of $195 billion at present whereas Arnault has a net worth of $187 billion.

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

Also read: Crypto Price Today: Bitcoin nears $27,000; Ethereum regains $1,850; Litecoin surges 5%

Also read: Elon Musk is the world's richest person, again