The Dogecoin lawsuit against Elon Musk has come to an end after the investor decided to withdraw his appeal. The case, which accused Musk of fraud and insider trading related to the cryptocurrency, was dismissed earlier this year.
The withdrawal, which also includes a request to lift related sanctions against Musk's lawyers, marks the end of a high-profile legal battle in federal court.
Dogecoin's lawsuit against Elon Musk and Tesla ends
The Dogecoin lawsuit was originally filed by Dogecoin investors, alleging that Musk and his electric car company Tesla engaged in fraudulent activities to manipulate the price of Dogecoin. Investors claimed that Musk's tweets, public appearances and statements (including on NBC's "Saturday Night Live") were used to profit.
Investors initially sought $258 billion in damages and amended the complaint four times in two years. However, on August 29, U.S. District Judge Alvin Hellerstein dismissed the case, saying that rational investors could not conclude that securities fraud had occurred based solely on Musk's public statements. The judge noted that Musk's remarks, such as describing Dogecoin as "the future currency of the earth," could not be reasonably interpreted as market manipulation or insider trading.
Then, this week, the investors formally withdrew their appeal and motion for sanctions against Musk's legal team for alleged misconduct. Similarly, Musk and Tesla withdrew their motion for sanctions against the investors' lawyers, calling it a "frivolous" and ever-changing lawsuit. As a result, the two parties filed an agreement to dismiss the case in Manhattan federal court on Thursday evening, awaiting final approval from Judge Hellerstein.
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