Billionaire Elon Musk has reportedly denied owning Dogecoin ( DOGE ) amid a lawsuit accusing him of manipulating the price of the meme asset.
In a letter seen by the New York Post, Musk's attorney Alex Spiro said the plaintiff's allegations that his client owned a Dogecoin wallet were incorrect and baseless.
"You make and baseless claims specifically that the following wallets 'belong to' the defendants. You are wrong."
Musk, a long-time supporter of the dog-themed memecoin, was originally sued in June 2022 by a group of disgruntled DOGE owners who claimed their financial losses were due to Musk manipulating the price of the digital asset.
Earlier this month, the plaintiffs sought to amend their complaint, alleging that Musk used Twitter posts, his appearance on the show “Saturday Night Live” and other methods, such as paying influencers to promote DOGE so that he could profit from its price increase.
They also claim that Musk sold about $124 million worth of memecoins after Dogecoin’s price surged 30% following Musk’s decision to temporarily change Twitter’s iconic blue bird logo to Dogecoin’s Shiba Inu logo.
In the filing, the defendants claim Musk’s “deliberate bluster, market manipulation, and insider trading” enabled him to defraud investors and promote himself and his businesses.
However, in the letter, Spiro said the only evidence proving the wallet belonged to Musk was circumstantial.
“The sole basis for your claim is that these wallets sold Dogecoin at a time when the price was rising, pursuant to the Third Amended Complaint.”
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