The lawsuit against Elon Musk over Dogecoin market manipulation has concluded, as investors withdrew their appeal and motions.
Investors Withdraw Appeal
Investors alleging Elon Musk and Tesla of fraud and insider trading have filed to drop their appeal of the August 29 dismissal of the case. They also abandoned a motion seeking to sanction Musk's attorneys for allegedly impeding the appeal by demanding payment of millions in legal fees.
Musk's Case and Impact on Dogecoin
Musk and Tesla, in turn, have withdrawn their offer to punish the investors' attorney for filing what they termed a 'frivolous' case built on shifting legal arguments only to extract money. On Thursday night, both parties filed a stipulation with a Manhattan federal court to dismiss the appeal and related motions. The agreement ends the Musk lawsuit, pending approval by U.S. District Judge Alvin Hellerstein.
Musk's Influence on Cryptocurrency
Judge Hellerstein ruled that Musk's tweets, calling Dogecoin 'the future currency of Earth' and suggesting it would be launched by SpaceX, could not substantiate securities fraud. Dogecoin saw a meteoric rise last year, driven by celebrity endorsements and social media hype.
The lawsuit against Elon Musk over Dogecoin manipulation has concluded, revealing the intricate dynamics between public statements and cryptocurrency market impact.
