{"id":2764,"date":"2024-11-15T17:46:58","date_gmt":"2024-11-15T17:46:58","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2764"},"modified":"2024-11-15T17:46:58","modified_gmt":"2024-11-15T17:46:58","slug":"dogecoin-lawsuit-appeal-withdrawn-elon-musk-and-tesla-in-the-clear","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2764","title":{"rendered":"Dogecoin Lawsuit Appeal Withdrawn, Elon Musk And Tesla In The Clear"},"content":{"rendered":"
\n

A lawsuit alleging that Elon Musk manipulated the price of Dogecoin is drawing to a close, as investors have decided to withdraw their appeal against a dismissal issued on August 29.\u00a0<\/p>\n

This case centered on accusations that Musk, one of the world\u2019s richest individuals, and his electric vehicle company, Tesla, engaged in fraud and insider trading related to the dog-themed memecoin.<\/p>\n

Both Parties Move To Dismiss Claims In Dogecoin Lawsuit<\/h2>\n

In their recent filings, the investors also retracted their request to impose sanctions on Musk\u2019s legal team, claiming <\/a>that the lawyers had interfered with the appeal process by demanding substantial legal fees.\u00a0<\/p>\n

Conversely, Musk and Tesla have rescinded their motion to sanction the investors\u2019 attorney, accusing them of pursuing a \u201cfrivolous\u201d case filled with evolving legal arguments to extort a quick settlement.<\/p>\n

A stipulation to dismiss the appeal, along with motions from both parties, was filed in federal court in Manhattan on Thursday evening and is awaiting approval <\/a>from US District Judge Alvin Hellerstein.\u00a0<\/p>\n

As of Friday, neither Musk\u2019s nor the investors\u2019 legal representatives had responded to inquiries or made official statements regarding this development.<\/p>\n

Court Finds No Grounds For Securities Fraud<\/h2>\n

The investors had charged that Musk \u201cexploited\u201d social media, including X (formerly Twitter) and an appearance on NBC\u2019s \u201cSaturday Night Live,\u201d to manipulate Dogecoin\u2019s value allegedly, timing trades to coincide with his public statements.\u00a0<\/p>\n

However, in his August 29 ruling, Judge Hellerstein stated that reasonable investors could not establish securities fraud<\/a> based solely on Musk\u2019s social media posts, which included claims that Dogecoin was poised to become the \u201ccurrency of the Earth\u201d and could even be sent to the moon via SpaceX.<\/p>\n

The judge further expressed confusion over the investors\u2019 allegations of market manipulation and insider trading<\/a>, suggesting that the claims lacked clarity and legal grounding.\u00a0Initially, the investors sought a staggering $258 billion in damages, amending their complaint four times over two years.<\/p>\n

\"Dogecoin\"<\/p>\n

At the time of writing, the largest memecoin, with a market cap of $52 billion, is trading at $0.356. Dogecoin has been one of the top performers in the industry\u2019s top 10 digital assets, posting gains of 83% and nearly 190% over the seven\u2014and thirty-day time frames, respectively.\u00a0<\/p>\n

This was spurred on by the news that Elon Musk would be heading up the new Trump Department of Government Efficiency<\/a>, or its DOGE acronym, which investors saw as a further sign of support for the dog-themed memecoin.\u00a0<\/p>\n

Despite the recent surge, Dogecoin is still trading 50% below its all-time high of $0.731, set during the 2021 bull run, with high expectations for further gains in the year\u2019s final months.\u00a0<\/p>\n

Featured image from BBC, chart from TradingView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A lawsuit alleging that Elon Musk manipulated the price of Dogecoin is drawing to a close, as investors have decided to withdraw their appeal against a dismissal issued on August 29.\u00a0 This case centered on accusations that Musk, one of the world\u2019s richest individuals, and his electric vehicle company, Tesla, engaged in fraud and insider […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2764","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2764"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2764\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}