As a seasoned crypto investor with a knack for navigating the volatile digital asset market since its inception, I’ve witnessed my fair share of twists and turns. The recent withdrawal of the class-action lawsuit against Elon Musk and Tesla over allegations of Dogecoin manipulation came as a breath of fresh air.
In my role as a researcher, I’d rephrase it like this: On November 14, 2024, I came across news that a class-action lawsuit filed against Elon Musk and Tesla in 2022, which accused him of manipulating the value of Dogecoin (DOGE) through media interviews and social media posts, was voluntarily withdrawn by the plaintiffs.
As per the court document, the claimants have chosen to abandon their case before the Second Circuit Court of Appeals and forgo any further judicial action against Elon Musk and the car manufacturing company regarding post-verdict remedies.
The legal representatives of the investors likewise renounced their option to challenge the case in any U.S. court, and both parties consented to withdraw their requests for penalties against one another regarding the lawsuit.
As a crypto investor, I’m keeping a close eye on the progress of our ongoing legal battle, which is now over two years old. However, it’s important to note that the motion to dismiss this class-action lawsuit has yet to be approved by Judge Alvin K. Hellerstein. Only after his approval will the litigation officially come to an end.
The $258 billion Dogecoin investor lawsuit
2022 saw a group of Dogecoin investors file a massive $258 billion lawsuit against both Elon Musk and his company Tesla. Their initial claim was that Musk, as Tesla CEO, and his firm were involved in a “cryptocurrency pyramid scheme,” alleging deceitful practices.
Investors believe that Elon Musk’s hosting of Saturday Night Live, during which he portrayed a financial analyst and referred to himself as “The Dogefather,” and his subsequent promotion of Dogecoin on social media could potentially be instances of market manipulation. This assertion is made in the initial court document filed by plaintiff Keith Johnson.
“Defendant Musk is the self-appointed ‘Dogefather,’ ‘former CEO of Dogecoin,’ partner, developer, spokesperson, publicist, salesman, marketer, and promoter of Dogecoin — who assembled the ‘Doge Army’ including his corporations and various billionaires, influencers, and celebrities to increase the price, market cap and trading volume of Dogecoin.”
In April 2023, Musk and his legal representatives asked the court to drop the lawsuit, labeling it as a “fictional work.” In their motion to dismiss, they argued that it was not illegal to tweet encouraging messages or humorous images about a legitimate cryptocurrency that still maintains a market value of close to $10 billion.
Back in March 2024, Elon Musk subtly suggested that Tesla could potentially start accepting Dogecoin as a form of payment for their vehicles at some indeterminate timeframe; however, he didn’t offer any concrete details about the matter.
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2024-11-15 20:49