Reuters: Musk accused of insider trading in Dogecoin class-action lawsuit.

BlockBeats news, June 2nd - According to a report from Reuters, a Manhattan federal court document shows that Elon Musk has been accused of insider trading in a proposed class-action lawsuit. Investors accuse him of manipulating Dogecoin through Twitter posts, paid KOLs, appearing on "Saturday Night Live," and other promotional gimmicks, resulting in billions of dollars in losses for investors. Musk and Tesla's lawyers declined to comment. Investors claim that Musk sold about $124 million worth of Dogecoin in April after changing the blue bird logo of Twitter to the Shiba Inu logo of Dogecoin, causing Dogecoin to rise 30%. The investors' lawyers did not immediately respond to requests for comment. The latest allegations are included in the proposed third amended complaint. US District Judge Alvin Hellerstein said he may allow the third amended complaint and said the defendant is unlikely to be prejudiced.