Elon Musk is accused of insider trading by investors in Dogecoin lawsuit
Investors proposing a class action lawsuit have accused Tesla CEO Elon Musk of insider trading and manipulating the cryptocurrency Dogecoin, costing them billions of dollars.
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.
Investors said this included when Musk sold about US$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.
A “deliberate course of carnival barking, market manipulation and insider trading” enabled Musk to defraud investors, promote himself and his companies, the filing said.
Musk bought Twitter last October. He also runs SpaceX, a rocket and spacecraft manufacturer, as well as Tesla, which makes electric cars.
Alex Spiro, a lawyer for Musk and Tesla, declined to comment on Thursday. The investors’ lawyer did not immediately respond to requests for comment.
Investors have accused Musk, the world’s second-richest person according to Forbes magazine, of deliberately driving up Dogecoin’s price more than 36,000 per cent over two years and then letting it crash.
They included their latest accusations in a proposed third amended complaint, in a lawsuit that began last June.
Musk and Tesla had in March sought a dismissal of the second amended complaint, calling it a “fanciful work of fiction,” and on May 26 said another amendment was unjustified.
In a Wednesday order, U.S. District Judge Alvin Hellerstein said he would “likely” allow the third amended complaint, saying the defendants would not likely be prejudiced.
Hellerstein also granted the investors’ request to dismiss the nonprofit Dogecoin Foundation as a defendant. Its lawyer Seth Levine called the dismissal “the appropriate result.”
YOUR FINANCES
Statistics Canada says household debt ratio down in Q2 as income grew
Statistics Canada says the amount Canadians owe relative to how much they earn fell in the second quarter as disposable income comfortably outpaced the growth in debt and demand for mortgages fell.
How electric vehicle insurance compares to gasoline-powered vehicles
As Canada ushers in the era of electric vehicles, here's what costs and factors you should consider before making the switch.
OPINION
OPINION 6 ways to prepare your finances for a potential recession
Despite Canada's economic resilience in the face of rising interest rates, it's still important to be prepared in case a recession hits. In a column for CTVNews.ca, personal finance contributor Christopher Liew shares some practical tips and actionable advice to better weather any economic storm.
Back-to-school: Parents offer tips on how they save during annual shopping spree
A new survey found 46 per cent of Canadians are more worried about their finances during this back-to-school season than in previous years.
opinion
opinion Canada can dodge a recession, but it could still happen; here's why
In his column for CTVNews.ca, personal finance contributor Christopher Liew outlines how Canada might avoid a recession, as well as some risks that could contribute to one.
Budgeting important part of RESP spending plan as students head to school
Parents across the country are getting ready to tap into registered education savings plans to help pay for their children's post-secondary schooling this fall.
Turning to dollar stores for groceries? Here's what a dietician recommends
As Canadians continue to feel the financial toll of inflation while grocery shopping, one registered dietitian offers practical tips for cutting costs at dollar stores, without compromising nutrition.
OPINION
OPINION Financial tips for newcomers to Canada, from an expert
For those who have recently immigrated to Canada, it's important to learn the basics of how the country's financial system works. Personal finance contributor Christopher Liew shares some financial tips around how to open a bank account, build your credit and file your taxes as a newcomer.
CTVNews.ca Top Stories
BREAKING
BREAKING CN experiencing network-wide system failure; Via, GO and other trains affected
Canadian National Railway Co. is experiencing a network-wide system failure that is also affecting Via, GO and other trains in Ontario.
WATCH LIVE
WATCH LIVE Liberal Greg Fergus makes history, elected first Black House Speaker
Liberal MP Greg Fergus is Canada's new House of Commons Speaker, following a secret ranked ballot election on Tuesday. It is a day for the political history books as Fergus, once a parliamentary page, becomes the first Black Canadian to hold the prestigious role.
DEVELOPING
DEVELOPING U.S. Speaker McCarthy's job at risk after House votes to move ahead with hard-right effort to oust him
U.S. Speaker Kevin McCarthy's ability to remain in leadership was thrown into serious risk Tuesday after the House voted to move ahead with an effort by hard-right Republican critics to oust him.
Poilievre defends Truth and Reconciliation Day post, calls criticism 'appalling politicization'
Conservative Leader Pierre Poilievre is defending the caption on photos he posted to social media on the National Day for Truth and Reconciliation after Liberal cabinet minister Marc Miller accused him of misidentifying Inuit people as Algonquin.
Parks Canada reveals additional details about deadly bear attack in Banff
The couple and dog mauled and killed by a grizzly bear in the backcountry of Banff National Park late last week did everything right, Parks Canada says.
MK-ULTRA mind-control experiments: Quebec high court says U.S. has immunity in Canada
The United States government cannot be sued in Canada for its alleged role in infamous brainwashing experiments at a Montreal psychiatric hospital, Quebec's Court of Appeal ruled this week.
More than half of young Canadians say relationship status affected their mental health post-pandemic
Nationwide data from Angus Reid has found that 59 per cent of single Canadians say their mental health was affected by being single in the past or currently.
Traffic comes to a stalk on Hwy. 400 as crews clean up celery following rollover
If you’re stuck in traffic on Hwy. 400 Tuesday, the root of the problem is likely celery.
Trump judge issues limited gag order after former president makes disparaging post about court clerk
A New York judge imposed a limited gag order on defendant Donald Trump Tuesday after the former president disparaged a key court staffer during his civil business fraud trial.
Canada
-
BREAKING
BREAKING CN experiencing network-wide system failure; Via, GO and other trains affected
Canadian National Railway Co. is experiencing a network-wide system failure that is also affecting Via, GO and other trains in Ontario.
-
Parks Canada reveals additional details about deadly bear attack in Banff
The couple and dog mauled and killed by a grizzly bear in the backcountry of Banff National Park late last week did everything right, Parks Canada says.
-
Tropical Storm Philippe could impact the Maritimes on Thanksgiving weekend
The Maritimes have been on an extended run of very fair weather the last two weeks while under a persistent ridge of high pressure. Unfortunately, that pattern changes this weekend with the approach of a weather front from the west and a likely post-tropical storm Philippe from the south.
-
After a four-week campaign, Manitobans to decide on Tories' bid for a third term
Manitobans are to make history today as they cast final ballots in an election that has followed four weeks of promises, debates and controversial advertisements.
-
Regimental funeral for slain B.C. RCMP officer to take place Wednesday
Mourners will gather in Langley, B.C., Wednesday for a regimental funeral procession, memorial service and final salute to honour an RCMP officer who was killed in the line of duty last month.
-
Frequent price increases by businesses contributing to sticky inflation: BoC official
Bank of Canada deputy governor Nicolas Vincent says businesses are still raising their prices more frequently and by larger amounts than they did before the pandemic, which is contributing to higher-than-expected inflation.
World
-
Shooting at major Bangkok shopping mall kills 2 people, and a teen suspect is arrested
A teenage boy with a handgun opened fire inside a major shopping mall in the center of Thailand's capital Tuesday afternoon, killing two people before being apprehended, authorities said.
-
The UN food agency says that 1 in 5 children who arrive in South Sudan from Sudan are malnourished
At least one in five children arriving in South Sudan from Sudan are malnourished and more than 90 per cent of arrivals haven't eaten in days, the UN food agency said Tuesday.
-
Azerbaijan arrests several former top separatist leaders of Nagorno-Karabakh
Authorities in Azerbaijan arrested several former separatist leaders of Nagorno-Karabakh on Tuesday after reclaiming control of the Armenian-populated breakaway region in a lightning military operation last month, a top Azerbaijani news agency said.
-
BREAKING
BREAKING A bus crash in a Venice suburb kills at least 21 people
A bus crashed near the Italian city of Venice after falling from an elevated street, killing at least 21 people and injuring others on Tuesday, authorities said.
-
2 U.S. Army soldiers killed, 12 injured in crash of military transport vehicle in Alaska
Two U.S. Army soldiers were killed and 12 others injured after a military transport vehicle flipped on a dirt road leading to a training area in Alaska, officials said.
-
Tunisia rejects European funds and says they fall short of a deal for migration and financial aid
Tunisia on Monday announced it would reject an installment of funds sent by Europe to help the debt-ridden country patrol the Mediterranean Sea as migrant boat crossings spike to levels not seen in several years.
Politics
-
WATCH LIVEWATCH LIVE Liberal Greg Fergus makes history, elected first Black House Speaker
Liberal MP Greg Fergus is Canada's new House of Commons Speaker, following a secret ranked ballot election on Tuesday. It is a day for the political history books as Fergus, once a parliamentary page, becomes the first Black Canadian to hold the prestigious role.
-
Nijjar fallout: India reportedly tells Canada to bring home 'dozens' of its diplomats
Canada needs diplomats in India to help navigate the 'extremely challenging' tensions between the two countries, Prime Minister Justin Trudeau said Tuesday in response to demands that Ottawa repatriate dozens of its envoys.
-
Poilievre defends Truth and Reconciliation Day post, calls criticism 'appalling politicization'
Conservative Leader Pierre Poilievre is defending the caption on photos he posted to social media on the National Day for Truth and Reconciliation after Liberal cabinet minister Marc Miller accused him of misidentifying Inuit people as Algonquin.
Health
-
'Unrelenting' fast-food ads using privacy 'loopholes' to target children: study
A first-of-its-kind study by the University of Ottawa has discovered a lack of information on what data and information is collected on children from food service apps.
-
Adolescent ER visits in Ontario for eating disorders saw big jump during pandemic: study
The biggest jump in Ontario emergency room visits and hospitalizations for eating disorders during the first 30 months of the pandemic was seen in adolescents aged 10 to 17, according to a new study.
-
Ontario Pharmacists Association says ability to prescribe birth control should be next
Pharmacists in Ontario can now diagnose and treat 19 common ailments but they still can't prescribe birth control or emergency contraception.
Sci-Tech
-
3 scientists win Nobel Prize in physics for looking at electrons in atoms during split seconds
Three scientists won the Nobel Prize in physics on Tuesday for their work on how electrons move around the atom during the tiniest fractions of seconds, a field that could one day lead to better electronics or disease diagnoses.
-
Meta's Instagram, Facebook to charge EU users for ad-free service: source
Meta Platforms is looking to introduce ad-free subscription plans for Instagram and Facebook users in Europe, two people familiar with the matter said on Tuesday.
-
How are ancient Roman and Mayan buildings still standing? Scientists are unlocking their secrets
Ancient builders across the world created structures that are still standing today, thousands of years later -- from Roman engineers who poured thick concrete sea barriers, to Maya masons who crafted plaster sculptures to their gods, to Chinese builders who raised walls against invaders.
Entertainment
-
Late-night shows return after writers strike as actors resume talks that could end their standoff
Late-night talk shows are returning Monday after a five-month absence brought on by the Hollywood writers strike, while actors completed the first day of talks that could end their own long work walk-off.
-
Mariah Carey is going on a Christmas tour. Here's when it comes to Toronto
Mariah Carey is bringing Christmas to Toronto a bit earlier this year.
-
A second U.K. police force is looking into allegations of sexual offences committed by Russell Brand
A second British police force is looking into sexual offences allegedly committed by actor and comedian Russell Brand, British media reported Monday.
