In a new legal filing, Elon Musk has been implicated in using his social media platform to trade and promote cryptocurrencies illegally. The details coming from the case came from several reports and leaks. It was alleged that Elon Musk has a secret crypto activity, using his influence on social media to manipulate the market and make massive proceeds.
According to the details of this case, it was amended on the last of May 2023, and the plaintiffs claim that they have evidence that shows that Elon Musk is involved in market manipulation.
Evidence Against Elon Musk
The major incident highlighted as evidence by the plaintiffs is the Twitter Doge logo change, where Elon Musk changed the logo of the social media platform to that of Dogecoin.
The plaintiffs of this case argued that the Elon Musk Twitter logo change happened at the same time as when the price of Dogecoin increased by more than 30%. They hinted that Elon Musk specifically knew the implications of changing the logo of his social media platform before doing. Another scenario pointed out in this case filing was the immediate drop in the Dogecoin price immediately after the Twitter Doge logo was removed from the platform.
According to this case file, the plaintiffs argued that the logo incident happened in 2022. However, Elon Musk only changed the Twitter logo in April 2023. The plaintiffs also find fault with Elon Musk's relationship with the Dogecoin team. They claimed that Elon Musk owns the "Dogecoin enterprise as a whole," and he committed a form of insider trading to enrich himself.
Having argued that Dogecoin is a form of security, these plaintiffs say that Elon Musk should be apprehended for playing and manipulating the crypto market for his profit. Another important claim, in this case, was the identification of Elon Musk and Tesla's trading address. The filing of this case claimed that it contained all the trading activity which showed Elon Musk's manipulation of the crypto market.
The final lap of this case filing is that the plaintiffs want to remove The Dogecoin Foundation as a defendant in the case. Another report from Reuters suggests that the judge handling this case might have granted the plaintiffs' request. Granting this request simply means that Elon Musk might be required to stand in as the case defendant.
Elon Musk and Tesla Trying to Dismiss the Case
This case against Elon Musk was started in June, and those behind the filing are demanding a total of $258 billion in compensation for damages. More shocking information shows that Elon Musk and Tesla have frequently been trying to dismiss the case. The two entities attempted to dismiss the case in April 2023 but were largely unsuccessful.
While trying to get more evidence to back up their largely empty case, the plaintiffs have been amending it for an extended period. They are trying to find more evidence to support many of their claims in the case. When this case is amended again, it will be the third time undergoing such a process.