A prominent legal battle involving Elon Musk and allegations of Dogecoin (DOGE) price manipulation has officially come to an end.
Investors who had accused Musk and his company Tesla of insider trading and fraud have chosen to drop their appeal of the case’s dismissal, which was initially ruled on August 29.
The lawsuit stemmed from Musk’s tweets and public actions, including his infamous appearance on Saturday Night Live, where he called Dogecoin a “scam.” Investors claimed Musk deliberately manipulated Dogecoin’s value for personal financial gain, leading to significant losses.
However, a ruling in August determined that the investors could not prove securities fraud, as Musk’s statements were deemed too vague to mislead reasonable investors. The judge also dismissed claims of market manipulation and insider trading.
Despite the initial demand for $258 billion in damages, both parties reached an agreement to dismiss the case. The stipulation, filed in Manhattan federal court, was approved by Judge Alvin Hellerstein, effectively closing the legal dispute.
Musk, a long-time supporter of Dogecoin, also recently expanded his involvement with cryptocurrency through his role as co-chair of the Department of Government Efficiency (DOGE), a new initiative linked to President-elect Donald Trump.
Nvidia’s recent market retreat hasn’t shaken analysts’ confidence in the stock’s long-term potential. Despite a dip to $135.13 at the close of the last session, chart watchers say a powerful setup could send NVDA soaring toward the $200 mark in the coming months.
The team behind Pi Network is diving into the gaming industry with the release of FruityPi, a new application designed to highlight the practical use of its ecosystem tools, including the Pi cryptocurrency, wallet, and ad services.
Two asset managers are preparing to introduce a new class of cryptocurrency investment products that combine traditional exchange-traded fund (ETF) structures with staking income from Ethereum and Solana holdings.
The FTX Recovery Trust has initiated a new $5 billion round of reimbursements, starting May 30, for creditors who completed the necessary steps.