Elon Musk Wins Lawsuit Claiming He Manipulated Dogecoin Price
Release: 2024/08/30 08:58 Reading: 577
Elon Musk and Tesla have emerged victorious from a legal battle, as a federal judge in Manhattan has dismissed a lawsuit alleging that the billionaire defrauded investors by manipulating the cryptocurrency Dogecoin.
The lawsuit, filed in June 2023, claimed that Musk and Tesla employed social media and other publicity to artificially inflate the value of Dogecoin by over 36,000%. The plaintiffs alleged that Musk subsequently sold off the cryptocurrency at a peak, triggering a crash that resulted in financial losses for investors.
Seeking $258 billion in damages, the lawsuit contended that Musk's actions constituted insider trading and market manipulation.
According to a report from Reuters, Judge Hellerstein dismissed these allegations, stating that Musk's public statements about Dogecoin, including his promotion of its potential as a future currency and use of humorous references, were not fraudulent but rather aspirational.
The court determined that there was no evidence of Musk or Tesla engaging in market manipulation or unfair trading practices involving Dogecoin.
The lawsuit has been dismissed with prejudice, precluding its reinstatement in court. This decision represents a significant victory for Musk and Tesla, allowing them to move beyond this legal entanglement.
Musk's legal team expressed satisfaction with the outcome, maintaining that Musk's public statements about Dogecoin were not intended to mislead investors. They also emphasized the absence of evidence connecting Musk or Tesla to the alleged trades.
Related: Trump Considers Appointing Elon Musk to Cabinet if Elected in 2024
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