REUTERS/Dado Ruvic/Illustration
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Elon Musk has been accused of insider trading in a proposed class action by investors who say he manipulated Dogecoin, a cryptocurrency, costing them billions of dollars.
Investors said the billionaire used Twitter posts and “publicity stunts” including appearing on NBC’s Saturday Night Live in 2021 to drive up price and then let it crash.
The latest accusations are included in a proposed third amended complaint, in a lawsuit that began last June. Musk and Tesla in March had sought for a dismissal of the second amended complaint, calling it a “fanciful work of fiction,” and on May 26 said another amendment was unjustified.
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The U.S. Justice Department on Wednesday sued James Abbott, a former Trump-era appointee to the Federal Labor Relations Authority, alleging he knowingly failed to file a required public financial disclosure report after he left government service last year.
The lawsuit alleged that Abbott was warned, after repeated failures to submit the requisite report, that he would be referred to the Justice Department.
Abbott in November 2022 allegedly told an agency official in an email — reprinted in the lawsuit — that federal authorities “might well want to invest those resources into prosecuting Hunter Biden, rather than harassing President Trump and those who worked in his administration.”
He could not immediately be reached for comment.
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