Elon Musk takes action against allegations

Elon Musk's lawyers are calling for a lawsuit against the businessman over alleged insider trading in Dogecoin to be dropped.

The prosecution relies solely on "Mr. Musk's harmless and often silly tweets." according to the lawyer's letter. "It is not illegal to tweet statements of support or funny pictures about a cryptocurrency that has a market value of more than $11 billion." According to the indictment filed in June 2022, Elon Musk allegedly influenced the price of the cryptocurrency through tweets. The charges are insider trading and market manipulation.

Investors allegedly suffered losses as a result of the high-profile short messages, while Elon Musk profited. According to lawyers, however, the wallets mentioned in the indictment could not be clearly attributed to Elon Musk.