Elon Musk Denies Owning Dogecoin (DOGE) in Insider Trading Lawsuit, According to the New York Post

Billionaire Elon Musk is reportedly denying proudly owning Dogecoin (DOGE) in a lawsuit that alleges he manipulated the worth of the meme asset.

In a letter reportedly reviewed by the New York Publish, Alex Spiro, Musk’s lawyer, says that the plaintiffs’ allegations about his consumer proudly owning a Dogecoin pockets are incorrect and baseless.

“You particularly allege, with out foundation, that the next wallets ‘belong’ to Defendants. You might be mistaken.”

Musk, a longtime proponent of the dog-themed memecoin, was initially sued in June 2022 by a gaggle of disgruntled DOGE homeowners who declare that their monetary losses had been as a consequence of Musk manipulating the worth of the digital asset.

Earlier this month, the plaintiffs sought to amend their grievance, accusing Musk of utilizing Twitter posts, his look on the present “Saturday Night time Dwell” and different strategies reminiscent of paying influencers to advertise DOGE so he might revenue from its value rising.

Additionally they declare that Musk bought about $124 million price of the memecoin after its value skyrocketed 30% following his resolution to quickly change Twitter’s iconic blue fowl brand to that of Dogecoin’s Shiba Inu canine.

Within the submitting, the defendants say that Musk’s “deliberate course of carnival barking, market manipulation and insider buying and selling” allowed him to deceive traders and promote himself and his companies.

Nevertheless, within the letter, Spiro says the one proof offered towards the notion that the wallets belong to Musk is circumstantial.

“The only foundation in your declare is that these wallets bought Dogecoin at a time when, in accordance with the Third Amended Criticism, costs had been up.”

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