Elon Musk is in news for another quirky reason. He changed the logo of Twitter from a bluebird to Doge emoji. After the change, the dogecoin bitcoin saw a 30 percent surge in value. Bitcoin holders sued him to manipulate the market.
Musk, who paid $44 billion to acquire Twitter last autumn. He is a well-known superfan of the Doge meme and has pushed Dogecoin on Twitter and while presenting “Saturday Night Live” last year. The price of Dogecoin increased by more than 30% on Monday following the modification to Twitter logo.
The new Twitter logo is not the only incident that pushed the price of the cryptocurrency. The price of Dogecoin also soared a few weeks ago. When Musk posted an image of the dog and labeled him the new CEO of Twitter.
When explaining the thought behind the Doge logo change on Twitter, the second-richest man on the planet tweeted a screenshot of a conversation he had with a Twitter user. The chat was with someone named @WSBChairman and dated back to March 2022. He captioned the photo: “As promised.”
Musk got sued for manipulation
Musk’s decision comes after he asked a US judge on March 31 to throw out a $258 billion racketeering lawsuit that accuses him of running a pyramid scheme to raise the price of Dogecoin.
Investors claim that Musk artificially grew Dogecoin’s price by more than 36,000% and then let it crash, in order to short the currency. The lawsuit points to tweets like “Dogecoin Rulz” and his appearance on Saturday Night Live, when he told viewers to invest in Dogecoin.
The $258 billion in damages is triple the decline in Dogecoin’s value during the 13 months leading up to the lawsuit, according to court documents.
Musk’s lawyers said his statements were too vague to be considered fraud.
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said, according to a Reuters report. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”