Dogecoin Lawsuit Against Elon Musk and Tesla
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The Dogecoin lawsuit, brought by Dogecoin investors, alleged that Elon Musk manipulated the cryptocurrency’s price for personal gain through tweets, public appearances, and other promotional activities.
These actions reportedly included Musk’s appearance on NBC’s “Saturday Night Live,” where he jokingly referred to Dogecoin as a “hustle.”
Following the August dismissal of the case, investors appealed the decision and also sought sanctions against Musk’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 investors’ lawyers, whom they accused of pursuing a “frivolous” and ever-changing lawsuit. Originally filed in 2022, the case underwent four amendments and sought $258 billion in damages.
Judge’s Decision and Market Manipulation Claims
In dismissing the lawsuit, Judge Hellerstein ruled that the plaintiffs failed to provide evidence that Musk’s statements about Dogecoin constituted securities fraud.
The judge noted that Musk’s tweets — including claims that Dogecoin was the “future currency of Earth” and could be sent “to the moon” by SpaceX — 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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