Court rules in favor of Elon Musk, Tesla in Dogecoin (DOGE) manipulation case
Release: 2024/08/30 10:24 Reading: 676
U.S. Court Dismisses Lawsuit Against Elon Musk and Tesla Over Dogecoin Allegations
The United States District Court for the Southern District of New York has dismissed a lawsuit filed against billionaire entrepreneur Elon Musk and his electric vehicle company, Tesla, Inc. The lawsuit alleged that Musk inflated the price of Dogecoin (DOGE) and profited from the subsequent rise in value.
In his ruling, U.S. District Judge Alvin Hellerstein rejected the claims against Musk, citing a lack of clarity in the allegations. Hellerstein noted that the lawsuit failed to provide sufficient evidence to support the assertion that Musk engaged in market manipulation or insider trading.
The lawsuit stemmed from accusations that Musk used his significant social media following and public statements to promote and influence the price of DOGE. It claimed that Musk's actions caused investors to purchase DOGE at inflated prices, resulting in significant losses when the price subsequently declined.
Musk has denied any wrongdoing, and the court agreed that the allegations against him were unsubstantiated and speculative. Hellerstein dismissed the lawsuit with prejudice, meaning that it cannot be refiled.
Despite the dismissal of the lawsuit, the Dogecoin price has remained relatively stable, hovering around $0.1 according to data from CoinGecko. This suggests that the market has not reacted significantly to the court's decision.
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