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Billionaire tech tycoon Elon Musk finds himself ensnared in litigation relating to the cryptocurrency industry. This lawsuit, brought about before the US Securities and Exchange Commission (SEC) began its series of lawsuits against various individuals within the crypto industry, involves Musk and Dogecoin (DOGE). This case took a surprising turn recently as Musk’s side suffered a major blow.
Accusations of DOGE Manipulation
Tesla investors have claimed that Musk plotted to profit from Dogecoin investments by publishing tweets, paying influencers, and even appearing on NBC’s Saturday Night Live. Musk’s tweets prior to his appearance on the 2021 Saturday Night Live episode certainly marked a significant turning point for DOGE. According to investors, Musk’s continuous promotion of DOGE was not without a motive. They argue that Musk was using these moves to profit from insider trading.
While claims that Musk was holding a substantial amount of DOGE circulated, it was highlighted that he sold $124 million worth of DOGE in April. Even Twitter’s blue bird logo was temporarily replaced with the Dogecoin logo, which caused a price hike in DOGE. Allegations are that Musk bought a large amount of DOGE before these actions and sold it afterwards. Musk’s lawsuit is still ongoing, and a major figure in this case was recently lost.
Musk’s Key Lawyer Drops DOGE Case
According to the latest information, Musk has suffered a significant loss. Renowned lawyer Adam Gabor Mehes, who defended Musk within Tesla, has withdrawn from the lawsuit. According to court documents, the prominent lawyer himself requested to withdraw from the $258 billion lawsuit. The reasons for this are still unknown, although a significant argument had recently taken place.
Musk’s legal team experienced high tension after one of his famous lawyers, Alex Spiro, made some remarks to the plaintiff’s lawyer Evan Spencer. As reported by The Post, Spiro criticized Spencer and even questioned his credentials as a lawyer. The withdrawal of a member from the team that started this argument may indicate internal strife.
