The retiring Twitter CEO is being sued for influencing the price of dogecoin (DOGE). The lawsuit started in June 2022but is now being adjusted due to Musk’s new actions.
Dogecoin price affected
Prosecutors have requested an amendment to amend their lawsuit. Prosecutors say Musk used his social media outreach to influence DOGE’s course. According to their new amendment, Musk has used his social media along with his publicity stunts to influence the course. The lawsuit that started in June 2022 has already been amended twice, based on new developments. Among those new developments is the appointment of Elon Musk as Twitter CEO. As new proof is the adjustment of the Twitter logo to the dogecoin logo used by Musk.
According to prosecutors, the fraud can be described as “a securities fraud class action that stems from a deliberate attempt at market manipulation and insider trading by the world’s richest man, Elon Musk, who used current pop culture to promote himself and his companies. benefit and increase his fortune at the expense of vulnerable Americans including war veterans, working class and the elderly.” According to the prosecutors, the currency is the joint responsibility of the US Securities and Exchange Commission (SEC), which they say should have intervened.
Elon Musk claims to be innocent
According to Musk, his actions cannot be designated as fraud. The CEO described his actions as innocent and said that his actions, posting “funny pictures” and “demonstrations of support on Twitter” cannot be seen as illegal. The CEO started tweeting about dogecoin in 2019. With his millions of followers and huge net worth, he has pushed the price of DOGE through tweets and stunts can influence significantly. He has not yet responded to the new amendments to the lawsuit.
Since taking office as Twitter CEO in 2022, Twitter’s share price is down nearly 33%. On May 12, the multi-billionaire announced to to resign at Twitter, but continue to work in the tech sector of the company. NBCUniversal’s former director of marketing and partnerships, Linda Yaccarino, will take over as CEO.