Dogecoin Lawsuit With Elon Musk As Defendant Finally Withdrawn
The post Dogecoin Lawsuit With Elon Musk As Defendant Finally Withdrawn appeared on BitcoinEthereumNews.com.
In a significant development, the class action lawsuit against Elon Musk and his electric car company, Tesla, has officially been withdrawn. The lawsuit, filed by a group of investors, accused the American businessman of manipulating the price of Dogecoin (DOGE), a popular memecoin. The development signals the conclusion of a heated and controversial legal dispute. – Advertisement – Elon Musk Is No Longer a Defendant in Dogecoin Manipulation Suit The legal saga, which started with a lawsuit accusing Elon Musk of manipulating Dogecoin’s price for personal gain, has now ended in court. Investors initially claimed that Musk leveraged his position as the world’s richest person to manipulate Dogecoin’s value. They pointed to his public stunts and X posts as key factors influencing cryptocurrency prices. – Advertisement – According to the investors, this manipulation resulted in significant financial losses when the asset’s value plummeted. The case was initially dismissed in late August 2024. This came after U.S. District Judge Alvin Hellerstein found the investors’ securities fraud claims unproven. Judge Hellerstein mentioned that Musk’s posts, like “Doge to the Moon” and promoting Dogecoin as the future currency, lacked legal merit. The judge ruled that no reasonable investor could claim reliance on Musk’s statements for investment decisions or prove market manipulation. The plaintiffs filed an appeal to keep the case in court at the time. On Thursday, investors and Musk agreed to dismiss the appeal and all related motions, effectively closing the legal proceedings. What Happened and What Next? The investors had originally sought a staggering $258 billion in damages, claiming Musk intentionally manipulated Dogecoin’s price for personal gain at investors’ expense. Over two years, the plaintiffs repeatedly amended their complaint, adjusting legal theories, but failed to convince the court. The lawsuit gained considerable attention, partly due to Elon Musk’s status as a…
Filed under: News - @ November 16, 2024 3:11 pm