Elon Musk Responds to DOGE Drama: Denies Ownership of Dogecoin Pump-Dump Wallets and Clarifies Lawsuit Misconceptions

  • Dispelling the recent influx of Fear, Uncertainty, and Doubt (FUD), it has been clarified that the Dogecoin wallets implicated in a class-action lawsuit alleging price manipulation do not belong to Elon Musk, the influential billionaire.
  • Unfortunately, certain media outlets misconstrued this clarification, erroneously reporting that Musk does not possess any Dogecoin.

Dispelling the recent influx of Fear, Uncertainty, and Doubt (FUD), it has been clarified that the Dogecoin wallets implicated in a class-action lawsuit alleging price manipulation do not belong to Elon Musk, the influential billionaire. Unfortunately, certain media outlets misconstrued this clarification, erroneously reporting that Musk does not possess any Dogecoin.

During the ongoing multimillion-dollar lawsuit against Elon Musk, his lawyer Alex Spiro disclosed an important detail: the Dogecoin wallets under suspicion for insider trading do not belong to Musk. The lawsuit accuses Musk of manipulating Dogecoin’s price and illicitly cashing out $95 million through a pump-and-dump scheme.

Musk’s enthusiastic support for Dogecoin on social media, particularly Twitter, has led many to believe that he owns a substantial amount of the cryptocurrency. The lawsuit specifically highlights Dogecoin wallets that allegedly profited from Musk’s tweets between April 3 and April 9, 2023.

A significant event occurred on April 3, 2023, when Musk replaced Twitter’s famous bird logo with the Dogecoin symbol, a Shiba Inu dog. This was followed by a notable 25% surge in Dogecoin’s price within a single day.

During a court session reported by the NY Post, Spiro criticized the plaintiff’s lawyer for presumptuously claiming that the disputed wallets belonged to Musk, asserting that it was incorrect.

Contrary to misleading reports suggesting that Musk does not own any Dogecoin, he has publicly acknowledged his cryptocurrency portfolio, which includes Dogecoin. However, it is important to note that Musk may possess other Dogecoin wallets not associated with the alleged pump-and-dump scheme.

In an October 2021 tweet, Musk revealed his cryptocurrency holdings, which encompassed Bitcoin, Ethereum, and Dogecoin. This declaration debunks the misinformation claiming that Musk does not own any Dogecoin.

As the case progresses, we will provide updates on any findings regarding Dogecoin wallets that may potentially be linked to Musk.

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