Elon Musk Wins Dogecoin Price Manipulation Legal Case
2024-08-30
Bittime - Elon Musk and his company, Tesla, succeeded in winning the Dogecoin price manipulation legal case. Read this article to find out the full news!
Statement Elon Musk on Dogecoin
The lawsuit, brought by a group of investors, accuses Musk of using various social media platforms such as Twitter and his appearance on "Saturday Night Live" in 2021 to manipulate the price of Dogecoin for personal gain.
Musk's statement that Dogecoin is the future currency of Earth and can be used to buy Tesla cars or even be sent to the moon by SpaceX is an "excessive expectation".
Read Also: Promoted by Elon Musk, DARKMUSK Meme Coin Price Rises 580% in 24 Hours!
Dogecoin Price Manipulation Lawsuit
The lawsuit, which initially sought $258 billion in damages, was modified 4 times over 2 years before finally being dismissed by a judge without the opportunity to appeal.
According to the judge, investors should be able to think rationally and not use these tweets as a basis for filing securities fraud claims.
Musk is known to often make statements that spark debate. However, in this case, the judge considered that these statements were not sufficient to support allegations of fraud.
Alex Spiro, Musk's lawyer, also said that this decision was a victory for Dogecoin.
There isn't Any Proof Dogecoin Price Manipulation
Other than that, investors also accused Musk of intentionally increasing the price of Dogecoin by more than 36,000% in 2 years and then letting the price fall.
One of the examples presented is when Musk replaced Twitter's blue bird logo with the Shiba Inu Dogecoin dog logo in April 2023, which caused the price of Dogecoin to rise by 30%, before eventually being sold by Musk.
However, the judge stated that there was insufficient evidence to support these claims of market manipulation and insider trading, and called Musk's tweets an exaggeration of expectations and not a provable fact.
Read Also: Donald Trump and Elon Musk to Have a Discussion: Trump's Favorite Meme?
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