Decentralized Identifiers: Revolutionizing Digital Identity Management

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For those who use Twitter, certainly remember when the social platform unexpectedly changed its logo from a bird to a Shiba Inu. This playful act may have come at a high cost for billionaire owner of Twitter, Elon Musk. A group of investors has decided to sue Elon Musk, alleging that he manipulated the price of the cryptocurrency Dogecoin for his own benefit by inflating its value and subsequently selling $124 millions worth of Dogecoin portfolio, including owned by his companies.

The investors claim that Elon Musk's alleged manipulated Dogecoin price, utilizing global and instant communication channels, resulted in millions of dollars in losses, causing irreparable financial damage. They are seeking compensation by taking Musk to court.

It comes as no surprise that the current owner of Twitter has a keen interest in Dogecoin. He has mentioned on numerous occasions that he holds Dogecoin, and whenever he comments about or tweets, the price of the cryptocurrency increases. He does this consistently, and this supposed "love" for Doge has already resulted in several lawsuits, with this being just another one to add to his collection.

What many may consider just a playful "childish" act can lead to significant losses for many. While it may be just a tweet for the billionaire, it is undoubtedly an investment for those who put their money into it. Elon Musk's tweets serve as a catalyst for immediate gains and significant losses for those who have invested in the meme coin for the long run.

For example, the acquisition of Twitter was supposedly decided during a conversation where a user on the platform jokingly suggested that Musk buy the platform and change the company's logo to a Shiba Inu (the Dogecoin logo). Musk responded that it would be "crazy," and some time later, in October 2022, he acquired the platform for an astounding $44 billion.

One of the biggest supporters for Musk's acquisition fund for the Twitter platform was CZ, the CEO of Binance, with $500 million perhaps believing that the billionaire would turn it into a crypto-friendly platform in the near future, and, BINANCE being the leader in the market definitely wanted to secure their spot on Twitter. However, after almost 8 months, nothing of that sort has happened. The only thing Elon did was "betray" CZ by striking a deal with eToro as a strategic crypto partner, which sparked a lot of discussion when CZ unfollowed Elon not long ago, seen as one of the reasons for their feud.

In other words, he is a billionaire and can do whatever he wants with his money, thinking there are no consequences. However, he forgets that the repercussions of his actions affect others, and the lawsuit filed against him on June 1st in the Manhattan court may serve as a reminder of this fact. There are consequences for deliberate actions, and the lawsuit may or may not lead to anything, but it serves to remind that certain actions have consequences, and he cannot, under any circumstances, use the Twitter platform to confuse investors and profit from it.

Of course, it still needs to be proven that the billionaire manipulated the price, as well as addressing the various allegations in the lawsuit. However, it also makes people realize the need to understand that figures like Elon Musk hold great power and can change the course of history in various areas such as politics, economics, science, and more, as they are followed by millions of people.

We must be responsible for the use of global platforms, as they have a constant weight and influence in people's lives. Elon Musk needs to understand this. Therefore, the case is now in the courts, and the investors may or may not win the lawsuit, but it serves as another reminder to the magnate: actions have consequences.

What are your thoughts on the investors' lawsuit accusing Elon Musk of manipulating the price of Dogecoin? Leave your comment and let's discuss together this behavior of the owner of Twitter.

Disclaimer: All images and Content in the article are original and created by me.

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