Dogecoin Lawsuit Against Elon Musk and Tesla

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The Dogecoin lawsuit, brought by Dogecoin investors, alleged that Elon Musk manipulated the cryptocurrencyā€™s price for personal gain through tweets, public appearances, and other promotional activities.

These actions reportedly included Muskā€™s appearance on NBCā€™s ā€œSaturday Night Live,ā€ where he jokingly referred to Dogecoin as a ā€œhustle.ā€

Following the August dismissal of the case, investors appealed the decision and also sought sanctions against Muskā€™s legal team, claiming interference in the appeal process. However, as part of the stipulation filed this week, the investors withdrew both the appeal and their sanctions request.

Musk and Tesla, in response, dropped their motion to sanction the investorsā€™ lawyers, whom they accused of pursuing a ā€œfrivolousā€ and ever-changing lawsuit. Originally filed in 2022, the case underwent four amendments and sought $258 billion in damages.

Judgeā€™s Decision and Market Manipulation Claims

In dismissing the lawsuit, Judge Hellerstein ruled that the plaintiffs failed to provide evidence that Muskā€™s statements about Dogecoin constituted securities fraud. 

The judge noted that Muskā€™s tweets ā€” including claims that Dogecoin was the ā€œfuture currency of Earthā€ and could be sent ā€œto the moonā€ by SpaceX ā€” were not sufficient grounds for reasonable investors to base financial decisions.

The judge also dismissed related claims of insider trading and market manipulation, citing a lack of clarity and supporting evidence. The dismissal brought an end to the two-year legal battle that had drawn attention to the influence of public figures on cryptocurrency markets.

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