The class action lawsuit filed by Dogecoin investors against Elon Musk has been concluded. The group alleged that Tesla’s CEO manipulated the price of the memecoin in 2021, alleging fraud and insider trading.
But they withdrew their appeal after the case was dismissed on August 29.
The claim that Elon Musk manipulated the DOGE market does not work.
Reuters sidewalkAccording to , the investors also withdrew their request for sanctions against Musk’s legal team. They previously claimed Musk’s team interfered with the appeal and demanded excessive legal fees.
hereto Musk and Teslawithdrew its request for sanctions against the investor’s lawyers, accusing them of pursuing unsubstantiated claims to force a settlement.
Both sides filed motions related to the appeal in Manhattan federal court. It is currently awaiting approval from U.S. District Judge Alvin Hellerstein.
The lawsuit is Musk manipulated the Dogecoin market Allegedly, he influenced trading activity through tweets, public appearances and activity on “Saturday Night Live.”
In an August ruling, Judge Hellerstein said Musk’s tweets claiming Dogecoin could be the “future currency of Earth” or sent to the moon by SpaceX did not constitute securities fraud.
He also found the investors’ claims of market manipulation and insider trading unconvincing.
The investors initially sought $258 billion in damages and amended their complaint several times over the course of two years, but the case was eventually dismissed.
DOGE is on the rise thanks to the ‘Trump effect’
Elon Musk has been at the center of most political conversations this year, with his strong support for Donald Trump and the Republican Party.
earlier this month Trump’s election victory Later, he named Musk and biotech founder Vivek Ramaswami as the new government efficiency departmentwas selected as the leader. The abbreviation for this department is ‘DOGE’. Meme CoinIt is reminiscent of .
Dogecoin weekly price chart. source: BeInCrypto
Since then, Dogecoin has seen major gains and has outperformed most altcoins. Since the election results, DOGE has risen more than 130% and hit its highest price since May 2021.
Meanwhile, Musk has filed a new lawsuit against Sam Altman’s OpenAI. In the lawsuit, he claims that in 2018 the company Wanting to launch a cryptocurrency I mentioned the plan, and he was against it.
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