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Investors alleged that the world's richest man used Twitter posts, an appearance on NBC's 'Saturday Night Live' in 2021, and other promotional stunts to profit from trades in Dogecoin wallets controlled by him or Tesla at the expense of investors. They claimed that Musk intentionally drove up Dogecoin's price by over 36,000% within two years before allowing it to plummet, and that he and Tesla frequently timed their trades based on Musk's public statements and activities related to Dogecoin.
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