Elon Musk wins Dogecoin lawsuit: What happens now?
Elon Musk and electric car company Tesla have won a lawsuit over claims they manipulated the price of Dogecoin.
Elon Musk and his electric car company Tesla have won a lawsuit alleging they manipulated the price of Dogecoin.
The lawsuit was dismissed in the U.S. District Court for the Southern District of New York on Aug. 29 by U.S. District Judge Alvin Hellerstein. Judge Hellerstein said the defendants misrepresented their tweets about Dogecoin. The defendants also believe Musk will be the official CEO of Dogecoin and could use the real Dogecoin in a SpaceX.
A group of DOGE investors filed a lawsuit against Musk and Tesla in June 2022, seeking $258 billion in damages.
The investors accused #Musk of driving the price of DOGE “more than 36,000 percent higher in two years, followed by a sharp decline.” They also claimed that Musk “used his position as the richest man in the world to operate and manipulate the Dogecoin Pyramid Scheme.”
Musk requested the lawsuit be dismissed on March 31, and his lawyers described the allegations and $258 billion in damages as a fabrication in Manhattan federal court. The price of Dogecoin remained stable after the news of the layoffs, gaining 0.1 percent in the last 24 hours. As of writing, #DOGE is changing hands at $0.10 and has fallen 20 percent in the last month, according to CoinGecko data.
The developments have not yet clearly affected the price of DOGE. However, in the future, #ElonMusk integrating DOGE into #Tesla or X could lead to major price changes in the pair. #DOGE investors should pay attention to moves that may come, especially from Musk.
