

Elon Musk and Tesla's Lawsuit Over Dogecoin Manipulation Allegations Nears Conclusion as Investors Withdraw Appeal
The lawsuit claimed that Musk and Tesla influenced the price of Dogecoin (DOGE) through tweets on X and public statements.
Investors in a class action lawsuit against Elon Musk and his electric vehicle company over allegations of manipulating the price of the meme coin Dogecoin have withdrawn their appeal, bringing the case to a close, Reuters reported on Nov. 15.
The lawsuit, filed in June 2021, claimed that Musk and Tesla influenced the price of Dogecoin (DOGE) through tweets on X and public statements. One key allegation was that Musk's appearance on NBC's ‘Saturday Night Live’ in May 2021 impacted DOGE's price, allowing him to profit from the surge.
Investors alleged that Musk's tweets about “Dogecoin's CEO,” adding the DOGE symbol to his bio, and comments on the potential for the meme coin to become a global standard for the financial system were manipulative. According to the lawsuit, DOGE price often rose sharply following these comments, including one on Tesla's support for DOGE as a payment option.
The lawsuit sought $258 billion from Musk for the alleged insider trading and fraud.
However, U.S. District Judge Alvin Hellerstein dismissed the lawsuit in August, prompting the investors to appeal the decision.
With the withdrawal of the appeal, the case is now concluding. Notably, this comes after Musk's lawyers withdrew the Tesla CEO's motion against the investors' legal representatives over demands for large legal fees.
Pending approval of the withdrawal motions by Judge Hellerstein, the case will officially come to an end.
Investors' decision to withdraw the appeal comes just two days after U.S. president-elect Donald Trump nominated Elon Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency. The news of Musk's potential involvement in the Trump administration led to a significant surge in DOGE's price.
The above is the detailed content of Elon Musk and Tesla's Lawsuit Over Dogecoin Manipulation Allegations Nears Conclusion as Investors Withdraw Appeal. For more information, please follow other related articles on the PHP Chinese website!

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Notepad++7.3.1
Easy-to-use and free code editor

SublimeText3 Chinese version
Chinese version, very easy to use

Zend Studio 13.0.1
Powerful PHP integrated development environment

Dreamweaver CS6
Visual web development tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)

Hot Topics

The crypto market has a new star and it's Peanut the Squirrel [PNUT]. The Solana [SOL]-based memecoin surged by nearly 200% in a day to peak at a new all-time high [ATH] of $2.4 on the 14th of November.

The crypto industry is now in a full bullish mood where traders are looking for the best cryptocurrency to get in on. This bullish mood has seen the Dogecoin price and Shiba Inu price compete for dominance among both retail and institutional investor

Dogecoin's recent significant price surge may have slowed down, leading to a brief price pullback after hitting the $0.42 level. However, the dog-themed meme coin's rally could only be the beginning

Dogecoin [DOGE] is undoubtedly the best performer among legacy meme coins in Q4, with over 230% gains as of press time.

In an unexpected swing amid the ongoing bull run, Sad Hamster (HAMMY) – a relatively obscure memecoin – skyrocketed by nearly 50% in the past 24 hours.

Throughout the bull run, different crypto's will surge at different times. Dogecoin and Cardano are already soaring before Bitcoin surpasses the $100,000 milestone

On November 17, 2024, the latest exchange rates of Dogecoin (DOGE), Ripple (XRP), and Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) have been reported.

Despite being separated by only one position in market rankings, the gap between Dogecoin and Solana has become a talking point for investors.