The lawsuit against Elon Musk and Tesla for allegedly manipulating Dogecoin's price was withdrawn on November 14, 2024. The case now awaits approval from the judge.
Case Timeline
The class action lawsuit was filed by Dogecoin investors in 2022, accusing Musk and Tesla of market manipulation through media appearances and social media posts. The initial claim included allegations of creating a 'crypto pyramid scheme.'
Arguments of the Parties
Elon Musk and his legal team denied these allegations, stating that Musk's statements were simply support for cryptocurrency. In April 2023, they requested a dismissal of the lawsuit, describing the claims as a 'work of fiction.'
Current Situation and Conclusion
The plaintiffs have agreed to withdraw their appeal and will not seek any further legal proceedings. Approval by the US District Judge will officially conclude this two-year saga.
The conclusion of this case marks the end of a two-year legal battle. Its outcome might set a significant precedent concerning the impact of public statements on crypto markets.
