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Friday, July 19, 2024

Dogecoin Investors vs. Elon Musk: Lawyers Seek Disqualification for Misconduct

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Elon Musk

  • A group of Dogecoin investors filed this case against Elon Musk.
  • The Plaintiff’s lawyers have requested that the judge dismiss Musk’s attorney.

Elon Musk, the CEO of Tesla, is facing accusations of market manipulation and insider trading of Dogecoin (DOGE). A group of Dogecoin investors filed this case against Elon Musk. According to the court filing in the case, the lawyers representing the group of Dogecoin investors want Musk’s lawyer thrown out for misconduct.

The DOGE investor lawyers requested that the judge remove Musk’s attorneys from the lawsuit for engaging in a pattern of depreciating. And also, oppressive misconduct in a petition to the federal court in Manhattan.

Dogecoin Investor’s Lawsuit Against Elon Musk

On June 1, a group of Dogecoin investors filed a lawsuit against Elon Musk, accusing him of engaging in market manipulation and insider trading of the popular memecoin, Dogecoin. For a long time, Musk has promoted the DOGE memecoin on the Twitter platform and in his interviews. Musk’s actions have directly impacted the memecoin trading price, which has reached new heights.

The investors have filed a case in Manhattan federal court that claims Musk has used his micro-blogging site Twitter’s posts, his participation in NBC’s “Saturday Night Live” in 2021. And other planned publicity stunts to trade profitably at their cost through several Dogecoin wallets that he or Tesla control.

Investors have added that Musk sold $124 million worth of Dogecoins after he replaced the Twitter logo in April. Musk has changed the Twitter logo to Dogecoin’s Shiba Inu dog logo. This results in DOGE’s trading price surging above 30%.

The filings also added that Musk used a deliberate course of carnival barking and market manipulation. Moreover, insider trading deceives investors and promotes himself and his companies.

Defendant’s Alleged Dirty Tactics

The plaintiffs stated that trials had to be defended and contested by lawyers, not apologists. Moreover, Tesla is a publicly listed company whose CEO cannot directly connect the company’s legal defense to his goals. And also, highlights the point in the letter, which is the report by the New York Post on June 15 as proof of the defendant’s dirty tactics.

Alex Spiro, Elon Musk’s lawyer, has written a letter that demands the dismissal of an adamant complaint that accuses the Tesla CEO, Musk. Moreover, Spiro has rejected the accusation by the DOGE investors. And attacked the competency of one of the DOGE investors’ lawyers.

The Plaintiff’s lawyers have requested that the judge dismiss Musk’s attorney, Spiro, and the other lawyers from the Quinn Emanuel Firm. And to charge them with financial fines for their actions. However, Musk has denied the accusations filed by the Dogecoin investors.

At the time of writing, the trading price of Dogecoin is around $0.06468. Moreover, with a decline of around 3.04% in the last 24 hours. The trading volume of DOGE has experienced a surge of over 38.48%, according to CoinMarketCap.

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