Reported The Block, Twitter may be added as a defendant in a class action lawsuit against Tesla CEO Elon Musk and the Dogecoin Foundation, which alleges that the meme cryptocurrency is a Ponzi scheme being manipulated by Musk.
According to a lawyer in the case, if the plaintiffs get their way, Twitter will be named as a defendant in the lawsuit. The case was brought by investors who lost money when the price of Dogecoin collapsed between 2019 and 2021 after Musk appeared to stop supporting the coin.
Musk had been named personally as a defendant, but Twitter itself had not yet been sued. However, in October 2022, Musk acquired Twitter and named himself as CEO. In early April, he changed Twitter's logo to that of a shiba inu dog, the icon of Dogecoin. The price of DOGE rallied 30% before collapsing again a few days later when Musk reverted the logo back to the blue bird.