In June last year, Elon Musk received a class action lawsuit for insider trading. The lawsuit accused him of participating in Dogecoin’s “pump-and-dump” activities and harming retail investors. Changing the Dogecoin logo from the blue bird is also part of his alleged plan.
However, according to the latest letter from Musk’s lawyer Alex Spiro, Musk is not the so-called “DOGE whale” claimed by the plaintiff, and stated in a written communication to the plaintiff’s lawyer that the allegation of Musk’s possession of a specific wallet is “baseless ,” he said, “The only basis for your assertion is that these wallets sold Dogecoin at a time when the price was increasing, as alleged in the 3rd Amended Complaint.”