Musk And Tesla Officially Withdraw Their Motion<\/strong><\/h3>\nImmediately after receiving the fraud and market manipulation complaint, Musk\u2019s team motioned to sanction the group\u2019s lawyers for filing a \u201cfrivolous case.\u201d Musk called out the legal team for their ever-changing arguments to extort money.<\/p>\n
Last Thursday, both sides filed stipulations to dismiss the appeal in a Manhattan court. These requests require Judge Hellerstein’s approval, and upon signature, the cases are officially dismissed.<\/p>\n
Featured image from DALL-E, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"A lawsuit claiming that Tesla\u2019s Elon Musk rigged Dogecoin to benefit his company has ended. Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor According to reports, investors who initially claimed that Musk manipulated Dogecoin\u2019s price have withdrawn their complaint. Also, the group is withdrawing its bid to sanction Musk\u2019s lawyers for supposedly interfering with the appeal, including canceling a request to cover their legal fees. The lawsuit alleged that Tesla and Musk influenced Dogecoin\u2019s price through social media posts and public statements. They highlighted Musk\u2019s appearance on Saturday Night Live in 2021, arguing that the Tesla owner made remarks influencing the token\u2019s price, allowing him to profit from these price swings. Elon Musk Public Statements And Stunts ‘Influenced Dogecoin Price’ Investors filed a case against Musk in response to his statements and posts that supposedly influenced the Dogecoin price. The lawsuit highlighted Musk\u2019s presence in NBC\u2019s Saturday Night Live in 2021, where he shared his views on Dogecoin, pushing the token\u2019s price to increase. According to the complainants, Musk manipulated the market to his benefit. They claimed that Musk manipulated the market through postings on Twitter\/X, adding the tag \u201cDogecoin CEO\u201d and using the DOGE symbol as part of his bio. The group alleged that the token\u2019s price surged after Musk commented, including a statement that Tesla will accept Dogecoin as a payment method. The complainants were seeking damages of $258 billion from Elon Musk. Court Dismisses Case Against Tesla CEO The court has already dismissed the case against Tesla and Musk last August. In dismissing the case, US District Judge Alvin Hellerstein argued that the complainants cannot prove securities solely based on Musk\u2019s post on social media. The judge added that Musk\u2019s statement, saying that Dogecoin is the world\u2019s future currency, can be used to buy Tesla, and can \u201cfly to the moon, are considered \u201caspirational and puffery\u201d and not necessarily factual. In short, Judge Hellerstein explained that no reasonable person should rely on posts to complain about securities fraud. The judge further noted that it would be challenging to show and prove insider trading and market manipulation claims based on posts alone. Related Reading: Bitcoin To $800K? Galaxy Digital CEO Unveils Bold 5-10 Year Forecast Musk And Tesla Officially Withdraw Their Motion Immediately after receiving the fraud and market manipulation complaint, Musk\u2019s team motioned to sanction the group\u2019s lawyers for filing a \u201cfrivolous case.\u201d Musk called out the legal team for their ever-changing arguments to extort money. Last Thursday, both sides filed stipulations to dismiss the appeal in a Manhattan court. These requests require Judge Hellerstein’s approval, and upon signature, the cases are officially dismissed. Featured image from DALL-E, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":653435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,1785,7,8375,2718],"class_list":["post-653419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-doge","tag-dogecoin","tag-elon-musk","tag-lawsuit"],"acf":[],"yoast_head":"\n
Dogecoin Drama Ends: Investors Drop Elon Musk Lawsuit Appeal<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n