Dogecoin Lawsuit Against Elon Musk Ends as Investors Drop Appeal
In Brief
- Dogecoin investors have dropped their class-action lawsuit against Elon Musk, which alleged market manipulation and insider trading.
- Both sides have withdrawn motions seeking sanctions, ending legal disputes following the case’s dismissal in August.
- The lawsuit claimed Musk’s public statements influenced Dogecoin’s price, but the judge ruled they did not amount to securities fraud.
A class-action lawsuit filed by Dogecoin investors against Elon Musk has come to an end. The group accused the Tesla CEO of manipulating the meme coin’s price in 2021, alleging fraud and insider trading.
However, they have now withdrawn their appeal following the dismissal of their case on August 29.
Both Parties of the Dogecoin Lawsuit Have Now Dismissed Their Claims
According to a Reuters report, the investors also dropped a motion seeking sanctions against Musk’s legal team. Previously, they claimed that Musk’s team interfered with the appeal and demanded excessive legal fees.
In turn, Musk and Tesla withdrew their request to sanction the investors’ attorney, accusing them of pursuing baseless claims to force a settlement.
Both parties filed a stipulation to dismiss the appeal and related motions in Manhattan’s federal court. It’s now pending approval by US District Judge Alvin Hellerstein.
The lawsuit alleged that Musk manipulated Dogecoin’s market through tweets, public appearances, and a stint on “Saturday Night Live,” using his statements to influence trading activity.
In his August ruling, Judge Hellerstein stated that Musk’s tweets, such as claiming Dogecoin could become the “future currency of Earth” or be sent to the moon via SpaceX, did not constitute securities fraud.
He also found the investors’ claims of market manipulation and insider trading unconvincing.
Initially, the investors sought $258 billion in damages and revised their complaint multiple times over two years before the case was dismissed.
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Musk and Trump’s DOGE Initiative Is in Full Swing
Throughout this year, Elon Musk has been at the center of most political conversations due to his strong endorsement of Donald Trump and the Republican party.
After Trump’s election victory earlier this month, he selected Musk and biotech company founder Vivek Ramaswamy to lead a new Department of Government Efficiency. The acronym for this department was labeled as ‘DOGE’, which echoes the meme coin.
Since then, Dogecoin has seen a major rally, outperforming most altcoins in the bull market. DOGE is up by over 130% since the election results and reached its highest value since May 2021.
Meanwhile, Musk has filed a new lawsuit against Sam Altman’s OpenAI. In the lawsuit, Musk mentioned the firm’s idea to launch a cryptocurrency back in 2018, which he opposed.
