Elon Musk Emerges Victorious as Dogecoin Trading Lawsuit Gets Dismissed
Elon Musk and Tesla have been cleared of a federal lawsuit alleging that they fraudulently manipulated the price of Dogecoin for personal gain. The lawsuit, which accused Musk and Tesla of insider trading and using publicity stunts to inflate Dogecoin’s price before selling it at its peak, was dismissed by U.S. District Judge Alvin Hellerstein due to insufficient evidence.
Elon Musk Victory
The lawsuit pointed to Musk’s appearances on social media and television, including a 2021 episode of NBC’s “Saturday Night Live” and a tweet featuring Dogecoin’s logo, as tactics to boost the cryptocurrency’s value before selling it. However, the court found that the plaintiffs failed to provide substantial evidence to prove fraudulent activities.
Musk’s legal team argued that his social media behaviour and public statements regarding Dogecoin were not intended to manipulate the market and that there was no direct link between his activities and specific trading outcomes that would constitute insider trading. The court ultimately sided with Musk, putting an end to the legal battle that initially sought $258 billion in damages.
In a separate development, X (formerly Twitter) – also owned by Elon Musk – announced the closure of its San Francisco headquarters, coinciding with a resurgence in the price of Dogecoin. Additionally, an analyst suggests that Dogecoin’s price has reached the peak of bearish momentum and is poised for a bullish breakout after leaving a reversal pattern.
Read Also: Cardano Chang Upgrade Launch: Binance Has Officially Confirmed Their Support
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
