Why do you think this happened to him?
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Investors sued Musk and Tesla in June 2022. At the time, Musk faced accusations of manipulating Dogecoin’s price by using his influence through Twitter posts, appearances on “Saturday Night Live,” and other publicity stunts. Allegedly, he sold Dogecoin during times when his actions, such as changing Twitter’s logo to the Dogecoin Shiba Inu dog, were expected to increase its value. This strategy allegedly allowed him to profit from insider trading. Further, the lawsuit claimed Musk deliberately manipulated the market through public endorsements and statements about Dogecoin, which misled investors. Also, the suit labeled these actions as “puffery” rather than based on facts.
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Earlier this week, the crypto market declined sharply before bouncing back, with bitcoin dropping over 15% and ether experiencing its steepest decline since the FTX collapse. This selloff, fueled by broader economic concerns and geopolitical factors, increased market uncertainty. Curious whether these events triggered any significant shifts in crypto funds' strategies, I reached out to leading crypto investors managing liquid and hedge funds to learn about their plans moving ahead. Interestingly, despite the market recent turbulence, several crypto funds continue to focus on fundamentals, with a strong bullish stance on Solana (SOL) and the DeFi sector. Joe McCann, founder, CEO and CIO of Asymmetric Financial, told me that his firm, managing two liquid funds with 9-figure and 8-figure assets under management (AUM) respectively, remains invested in bitcoin while overweight on Solana. "We have owned exactly zero ETH +1.77% all year and see absolutely no reason to own it going forward," McCann said.
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