"You Are Wrong": Elon Musk Denies Using His Influence To Profit From Dogecoin Trading

Jun 19, 2023 at 09:39 // News
Nina Lyon

Elon Musk denied claims of owning cryptocurrency wallets allegedly used for transactions with the cryptocurrency Dogecoin (DOGE).

In June, investors filed a lawsuit in Manhattan federal court alleging that Tesla's CEO used his influence on the Internet to manipulate the exchange rate of the meme cryptocurrency Dogecoin.

Some cryptocurrency users became furious when Musk fired off several tweets in support of Dogecoin earlier this summer. He also changed the famous Twitter logo to a Dogecoin symbol, the Shiba Inu dog from the meme. This led to a 25% increase in the price of DOGE. When Musk brought back the old Twitter logo with the blue bird shortly after, the value of the cryptocurrency Dogecoin dropped by 9.5%.

The lawsuit linked digital wallets allegedly owned by Musk and Tesla to transactions made between April 3 and April 6. Prosecutors allege Musk used his influence to trade DOGE coins for profit, to the tune of $124 million.

Recently, however, Musk's lawyer Alex Spiro denied all manipulation allegations in a letter to the New York Post.

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