Elon Musk’s Legal Battle Over Dogecoin Price Manipulation Ends
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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.
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