These are the results of the trial of the Dogecoin manipulation lawsuit against Elon Musk and Tesla
2024-08-30
Bittime - The results of the trial of the Dogecoin manipulation lawsuit against Elon Musk and Tesla are out. Curious about the details? Check out this article to find out!
Elon and his company has won a lawsuit accusing them of manipulating the price of Dogecoin. This lawsuit caused losses of $258 billion (Rp. 4 trillion).
Results of the Dogecoin Manipulation Lawsuit Trial against Elon Musk and Tesla
The ruling was handed down on August 29 by Judge Alvin Hellerstein in the US District Court for the Southern District of New York. Judge Hellerstein stated that the defendant had made several “material misrepresentations” in Musk's tweets about Dogecoin.
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These included Musk's statement that he would be the official CEO of Dogecoin and that Musk might put Dogecoin "literally" in a SpaceX vehicle and fly it to the moon.
"These statements are aspirational and overblown, not factual, and subject to refutation [...] and no reasonable investor could rely on them," Judge Hellerstein said.
He also added that "no reasonable investor" can rely on Elon Musk's tweets for good investment advice.
Lawsuit Filed by Dogecoin Investors
A group of disgruntled Dogecoin investors filed a lawsuit against Musk and Tesla in June 2022, demanding that Musk pay $258 billion in damages.
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The investors accused Musk of driving up the price of Dogecoin “more than 36,000% over two years and then letting it crash.” They also claimed that Musk had “used his position as the world's richest man to operate and manipulate the Dogecoin Pyramid Scheme.”
Musk asked for the lawsuit to be dismissed on March 31, with his lawyers describing the claim and $258 billion in damages request as a “fantastic work of fiction” in Manhattan federal court.
Dogecoin's price remained stable after news of the lawsuit's rejection, rising 0.1% in the last 24 hours. At the time of publication, Dogecoin was trading at $0.10 (around Rp. 1,500), and had fallen 24.3% in the past month, according to CoinGecko data.
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