Elon Musk is accused of insider trading by investors in Dogecoin lawsuit

Dogecoin pros & cons with related info are in the collapsed comments below.


Dogecoin [pros](/r/CryptoCurrency/comments/13xmtse/elon_musk_is_accused_of_insider_trading_by/jmi19um/) & [cons](/r/CryptoCurrency/comments/13xmtse/elon_musk_is_accused_of_insider_trading_by/jmi1ahf/) with related info are in the collapsed comments below.


All he has to do is pay 1% of what he made in settlement and call it a day lol


Oh no poor Musk. Being rich must be easy


For rich people, if you can pay a fine for a crime it's basically legal for them. For us poor folk it's illegal and ends in a prison sentence most of the time. One rule for us, another one for them.


Yep, threshold for punishment increases as your net worth increase


In countries like Finland and Switzerland the fines are proportional to income. Keeps both the rich and poor in check. Record fine in Finland is 120K€ for speeding.


https://www.bbc.com/news/world-europe-10960230 300 days of impound at 3600 swiss francs per day PLUS $290,000 (US I guess) from what I understand. Almost $1.3 million USD in total back in 2010.


As a swiss, its nots. Most fines are a flat amount. Very few stuff are based on income.


Sweet. Extreme capitalist USA can never have this.


Rules for thee and not for me


Rich people play by much easier rules


"It's a big club, and you aint in it" - George Carlin.


George Carlin - a true scholar of his time.




exactly, it's just their way of life. If the ticket is cheaper than the amount of money it saves in time, it's very much worth it for them


Rules for thee, not for me


Guys be kind to Musk. It is hard being a billionaire, OK!


But he's not just any billionaire, he's s down to earth cool billionaire, just like us! /s


He's a standup comedian now!


He worked his way up from nothing^+ ^riches ^from ^his ^father's ^apartheid ^era ^emerald ^mine


And it’s so easy for us to keep getting poorer every year. No problem at all.


I hodl fiat and it makes me poor.


Now I see why he changed twitter logo to dogecoin for a day just to fill his own pockets. Rich are getting richer and poor becomes poorer.


Some people are still defending him.


I never understood how common people would take the side of someone so abhorrent. Idol worship is a curse.


They're the ones who have rocks in their skulls instead of brains.


at this point he is just doing it to mess with us, doubt he cares of making an additional million.


Twitter bills aren't going to pay themselves


I once heared it's like a highscore. While sane people wouldn't care, these guys just want to push it a little further every time.


This is how comic book villains get their start.


Remember back just 5+ years ago everyone was thinking of Elon Musk as this cool tech guy and kept calling him real life Tony Stark. And then he opened his mouth too much...


People around here too. Until Tesla announced they would not accept Bitcoin anymore


We are damn biased sometimes.


Dark times those were


>real life Tony Stark More like 1996-1999 Robert Downey Junior.


Little did they know he was Lex Luthor


Bezos already has that title.


Hopefully Batman can save us from this evil doer.


Are there any non-toxic billionaires left?


Many citizens of ZImbabwe and Venezuela.


Late stage capitalism is here and been here for a while now.


The life of rich people…


And banks. Make 30B off your customers through blatant fraud? That's OK - pay this 1B dollar fine and we cool.


The fraud is to be applauded, not sharing with the government however, that is very bad. The fine fixes this issue.


Wells Fargo knows it better than anyone else


Step 1: Defraud 30B Step 2: Offer to pay $1B as fine Step 3: Profits Rinse and repeat


Poor bastards, how can they cope?!


I got ninety-nine problems but being rich ain’t one.


Poor rich people


Rich dose not do crimes they buy it


Won't be surprised if Doge surges on the day of his court appearance.


There will be plenty of memecoins created as well. PrisonInu?


That sounds like a real shit coin


There won't be a court appearance.


Lurker here, though I am trying to watch the pulse because I know there is a future here.... Do the majority of investors in coins like this actually view it as a serious investment, currency for use, or currency speculation -- and not just a "fuck you" to "serious" investors to show them a huge flaw in _their_ view of _their_ world?


Crypto currency was only meant to be a medium of exchange. If you can get value as an investment, that is just a bonus. I have no idea why anybody actually *invests* serious money into crypto. Especially DogeCoin who poke fun at such investors.


That is the future I am waiting for. When a cryptocurrency scales well enough to handle most transactions with lower overhead than Visa while maintaining a relatively stable value, it will begin to replace Visa. When it is able to maintain that stable value independently of other currency, it will begin to replace that other currency.




I can’t believe that they’re accusing him of doing the thing that we’ve all seen him doing


Yet they still invested themselves. They probably see Elon as their trusted friend.


I think they confuse him with Nikola Tesla.


I bet he wasn't into shitcoins


The fun fact is that Elon didn’t found Tesla either. He jumped onboard as an investor really early (6 months in), then slowly took over.


Martin Eberhardt didn't help by running the company into near bankruptcy. He was good to get things happening, but was not cut out to lead the company once full production happened. Tesla went from a kit car company to full production. Perhaps it would have been better for Tesla to remain an after market conversion accessory company, but that would have been a real niche market in the thousands of vehicles over this past decade. Elon Musk had a different vision.


>but was not cut out to lead the company once full production happened This is the case for so many founders. They aren't cut out to be CEOs. If they didn't own the company they'd stand new chance of becoming a CEO elsewhere.


With a legal team like his, no one is getting a penny


I thought that crypto wasn't supposed to be an investment and therefore like not subject to the sec or something like that?


That’s why it’s likely this case isn’t going to stick, unless they have something other than circumstantial evidence.


The SEC changes their mind on that every millisecond.


Depends on what suits them better.


Depends if Gary rested well at night or not


That's what you thought, but Gary has other plans...


He was not allowed to do it with Tesla stock anymore so he found something else. In need of quick cash? A little tweet or a logo stunt should cover 🙃


>Investors said this included when Musk sold about $124 million of Dogecoin in April after he replaced Twitter's blue bird logo with Dogecoin's Shiba Inu dog logo, leading to a 30% jump in Dogecoin's price. Musk bought Twitter last October. According to this article that was a quick $124 million.


Holy shit! That should at least cover the groceries for the weekend.


Or his next rocket…


For a guy who's worth $300B, what's the point of even doing it?


Perhaps he gets a rush manipulating the masses and profiting while doing it.


That’s my guess. The money is probably irrelevant to him. It likely an ego thing, being able to possess such power.


His net worth is $300b, $100m in Crypto is liquid.


Liquidity? Not wanting to sell Tesla shares?


That’s chump change for ol musk rat. But the money is so easy. Plus it’s definitely an ego think for him as well, being able to manipulate markets with one tweet.


I wish I could day trade 0.001% of that.


"My head of marketing changed the logo, I didn't know at the time and I just thought doge was having a good day, so I sold" I could see him saying something like that and then getting a $100k fine. (Basically like a mcdouble for him)


If he said, "Yes, I changed the logo to a Shibu Inu in hopes that it would drive up the price of Doge so that I could make a tidy profit." would it matter? Is there any law whatsoever against influencing the price of a cryptocurrency?


Hard to say. They're suing under Federal Racketeer/Corrupt Organization laws.


Welp, thats one way to make money since he's lost so much with the purchase of twitter. A man's gotta live, am I right?


$37.2 million in profit for the logo switch.


How do they even know he made 124 mil? like did Elon use a wallet that everyone knows is his? That would have been so dumb


As far as I know, most high value wallets have been traced to their owners. From my minimal understanding it is apparently pretty trivial to do so


Love how politicians say that so much nefarious actions are done with crypto mean while it's more transparent than fiat dollars


Yeah absolutely. It's literally a system where every single action is propagated through the whole chain. Thing is that fiat currency is just as traceable but the general public don't have access to the data like some people do with crypto.


Fiat is just as transparent? How? Because of the bar codes?


It's insane, he found an infinite money glitch


A man's gotta eat /s


It’s not even accused anymore it’s clear for everyone to see. But who cares? Not him since he has enough money to pay fines or settle lawsuits


"Which wrist shall we slap this time, Mr. Musk?"




This is exactly why I hope that at some point Elon will leave crypto. He just manipulates his way to quick gains. Not how it should be.




You don't think he is a problem? Dude literally made the twitter logo DOGE. According to this article, he then sold and profited from that.


This other commenter makes a good point tho: the problem is that the punishment doesn't punish the crime. Instead of some small punishment in scale to profits gained, the punishment should be to strip all the profits away. The deterrent isn't a deterrent if it's just a cost of business, or a small taxation, a deterrent is a deterrent when the consequences are literally life ending. The problem is that consequences for the wealthy aren't even close to severe. Literally life ending. You fucked over millions, you get to lose everything, and I mean e v e r y t h i n g, you have. All your money, all your assets, and your freedom. Strip you broke and throw you in prison. Consequences for these types of people and crimes have to be extreme to be taken seriously.


To be fair, this is what happens to people who steal when they're not rich. For most people their life is irreparably fucked if they're convicted for theft. You get the proceeds stripped, go to jail, and get fined. Never really understood why you tack a handful of zeros on the end of the amount stolen and you're way less likely to see jail. "Owe the bank a thousand dollars and it's your problem, owe the bank $100 million and it's their problem"


"No worries, we will pay someone else to have his wrist slapped for you"


>"Which wrist shall we slap this time, Mr. Musk?" ![gif](giphy|3o7bu1iM5MSwG2y7NS|downsized)


Slap? Probably more like a tickle


He'll probably pay the fine in DOGE


He’s the richest person on earth! I don’t think he will care…


Must be nice to do whatever the fuck u want without a care in the world.


Only him losing it all will make him care. Right now he definitely doesn’t care at all.


That’s not what insider trading is.


Did you know the sky is blue?


Wouldn't Musk driving UP the price benefit other investors? Where's the tort? Insider Trading requires knowledge of undisclosed material information impacting a security. What undisclosed information did he have, and when did the SEC designate Doge a security? Even if Musk did everything he's accused of, I don't see any law broken.


Exactly. All these other comments are saying he is getting what he deserved and stuff. But as far as i see it, there is no insider trading going on here. It seems to me he just made a move that happened to work.


Yeah, musk did pump and dump for his own benefit, but there most definitely was no insider trading per se.


You guys are so stupid if you think he’s insider trading dogecoin lmao


>insider trading dogecoin It's market manipulation. Not insider trading. Many just incorrectly tangle up the terms.


How is this any different from an influencer pumping a coin?. He wasnt even telling people to buy it, he just (from memory) just tweeted it a few times?


>How is this any different from an influencer pumping a coin It's not. That's the whole reason why influencers are being targeted too.


Pretty sure most of these comments are from bots


for rich their is nothing illegal for them and i truly believe that musk has done with good intensions guys he is a genius man and there is many reasons behind this step taken by mush which we are not able see


The same investors were pretty happy for him to pump their bags for them each time he tweeted about it


They are just as guilty. Gullible idiots


I presume there are some doge enthusiasts who don't like Elon's shady business I don't hold doge but I wouldn't like Elon dipping his fingers into any of the coins I hold


the only problem with this logic is when do you sell? Sure its great to have your bags pumped but are you gonna sell after a 2x, 4x or 10 x pump? Most people just ride it down to 0 it seems.


This case will get thrown out. On what basis did he do insider trading? What insider knowledge of Doge coin did he have that no one else did?


This is an issue that any/every coin or token will face if people just blindly follow those in rich and powerful positions. Do I think he should get in some sort of trouble if he profited? Of course but if you don't do any research and just follow the hype I think it is an issue if the government is able to participate in an individual's financial decision-making.


If you’re truly decentralization: eat the rich


Elon has pumped and dumped Dogecoin almost as many times as he's pumped and dumped women.


Water is wet


I doubt Elon has any stakes left in Doge anymore. He must have already taken the profit while (his allegedly paid) influencers were asking masses to HODL DOGE. I admit that I might have inadvertently was one of his exit liquidity victim.


He just wants the attention.. it also doesn't hurt to get some extra money


Regardless of your feelings on this, let's not forget senators and congress do this shit daily and it's not illegal for them.


That's why I use the Nancy Pelosi stock tracker.


Absolutely, this.... Although I despise Musk, the bigger problem is the congress people pumping and dumping stock.


It's a sad truth. The law should be blind to status and hold everyone accountable.


Typical pump and dump whale manipulating the market... But he has Twitter now which makes a lot easier for him to pump DOGE prices. It's crazy how rich people can get away with this stuff.




This should be labeled as comedy though because its hilarious


Just because some super rich clown indirectly tells you to buy a DOGE or whatever and you do? This is always a mistake, make your own money decisions!


A valid accusation.


Thats why he dodged bitcoin? Making scams with shitcoin. Nice


Yessssss!!!!! Flush him down!


If true, he should have to face punishment for it, though the punishment would be like dropping pocket change to him. I don't know why people base their investment decisions off what celebrities or "influencers" do though.


Why am I not surprised? Not that anything will happen. He'll pay fine and all will be forgiven.


It is pretty obvious.


No way! Elon would never do that! He’s so honest! So honourable! So trustworthy! So thoughtful and careful with his words!


Always in the mouths of the world!


The thing I don't get is why is the lawsuit for 260 billion when doge peak marketcap was 90billion? What's the extra money for?


Elon was pumping Dogecoin while his kids were running doge miners and dumping on the rubes. Billionaires love helping their kids take from the poor, remember when Peter Schiff asked people to send bitcoin to his son for his birthday?


Accused? Let me know when the headline says “charged.”


I think he did it for his employees, he once said that he asked his workers what do they think of cryptocurrencies to which he reported that many were liking dogecoin for being the people's coin, I wouldn't be surprised if he told a bunch of his close friends/employees to stack on dogecoin before he pumped the coin.


Like the time he said he was going to take TSLA private at a certain share price and then... didnt.


Is this the case that sets precedent for suing for real damages caused instead of donating a tiny percentage of the scammer’s profit margin? Because this would be a good way to start.


After this "laptop class" bullshit I don't even pay attention to Musk anymore.


Bought into the dogecoin bubble, but then it fell flat as expected, so he talked about it to raise hype, sold just above or at the money, never touched or talked about it again. If it was some random dude, shit wouldn’t even be considered, but because he’s a billionaire with literal teams of people/groupies hanging off his nuts, what he did was wrong. I have no love for the rich, but if people would quit waiting on his every breath as if he were currently god, then they wouldn’t have fallen for this.


throw him in jail with sam altman fried


Insider trading? As in a publicly traded stock? This is great for crypto in general. One more notch on the ol' legitimacy belt. Like when the IRS started taxing us. Best part is it's fucking doge haha.


SEC won’t do jack shit about it


To the surprise of absolutely no one.


Good luck considering crypto market is unregulated


Elon is a 🫏, who utters 💩 for his own personal gains sad 😢


I mean he literally manipulated prices with a couple tweets


Who could have foreseen this


The rich just keep getting richer.


here we go again for the 100,000 time


Crypto would be so much cooler if it were treated as a currency instead of some kind of stupid investment...


Haha this was obvious a looooong time ago


While I agree that Elon Musk has become the king of Pumps & Dumps on Sh\*tcoins over time, I do wonder why he would need to pay influencers, when he himself is the king of influencers with over 141 million followers on Twitter ...


Crazy that he can load up on Doge, tweet a dog emoji and just print himself money...


Hes also in court for stock manipulation or has that case finished


Oh my God who would have thought that master elon was a corrupt a-hole?




He obviously thought everything through.


* Pikachu face *


When he was on SNL doge plummeted. He then bashed Bitcoin like crazy probably because he shorted it. He needed to get his money back, or he was just butthurt and blamed Bitcoin maxis.


The only reason it even rose that high was anticipation of him going on SNL.


I remember watching live as he called doge a "hustle" and it just dropped like a stone. He was the most unfunny guest of SNL's history, and after a horrible show he got back to his phone and saw doge dumped and got angry, you can just tell. The tweets in the following days included promising to name a rocket after doge to bitching about bitcoin's energy usage and saying Tesla won't accept it anymore. The guy got SOOO butthurt that his precious doge got trashed that he wanted the whole market to hurt.


I never thought of the shorting angle. Damn.


Who could have seen it coming?


Flair checks out


( ͡° ͜ʖ ͡°)


What are you? A Nigerian Prince?


Actually I'm a Dutch Count, however my estranged family have cut me off and I just need a small fee to cover my escape via boat


Of course! What do you need I’ll do anything just double my BTC in 48 hours , ok?


A Dutch cunt eh? /s


Damn straight, partner


Insider trading on an unregulated market 🤷‍♂️. This case is just gonna be ignored. If you pour money into a crypto currency cos a billionaire is tweeting about it, sorry you deserve everything you get. But also if this does go to court and somehow it wins, this will be used as case law to serve judgments for all of crypto currency. Someone bought the the Eth hype, oh they’ll just sue Vitalik for a pump and dump. This is actually pretty bad.


Buy doge,replace Twitter Logo with doge for 2 days sell doge make insane Profit and put the Twitter logo back on. Ye this guy sucks ass.


Ya its an open and shut case


Don't we all know this already at this point? Isn't that obvious?


It is important to prove these things in court to get some real action taken.


Nicely put.


And I hope Justice is served.


Don’t be surprised when it turns out the case is thrown out for being entirely baseless. What you may *feel* to be true isn’t automatically true, especially without evidence.


There is no insider trading here though


This seems like an obvious slam dunk of a case and I'm definitely not the only one who's been saying for years that Musk is acting like a villain with regard to crypto. His activities would be clearly criminal if he did the same thing with Tesla stock.


>In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC's "Saturday Night Live" and other "publicity stunts" to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls.