Dogecoin Manipulation Lawsuit Against Elon Musk Dismissed

A protracted legal dispute has concluded with the withdrawal of a class action lawsuit against Elon Musk and Tesla alleging manipulation of Dogecoin's price.

Background

Investors filed the lawsuit, alleging that Musk used his influence to manipulate the value of Dogecoin for personal gain. They claimed his public statements and social media posts significantly influenced the cryptocurrency's price, leading to financial losses for them.

Court Rulings

The case was initially dismissed in 2024, with Judge Alvin Hellerstein finding the investors' claims unsubstantiated. He determined that Musk's statements did not constitute legal fraud and that reasonable investors could not rely solely on his comments for investment decisions.

Dismissal and Settlement

The plaintiffs filed an appeal, but on Thursday, investors and Musk agreed to withdraw all proceedings. Both sides also dropped motions seeking sanctions against each other's lawyers.

Implications

The dismissal frees Musk and Tesla from legal liability in this case. However, the future of Dogecoin remains uncertain. Its value may be influenced by market trends, Musk's continued involvement, and the community's ability to discover new use cases.

Dogecoin's Price

Despite the lawsuit's dismissal, Dogecoin's price remains volatile. At the time of writing, DOGE was trading at $0.358600, down 9.09% in the last 24 hours. Its future price depends on various factors, including market sentiment and the broader cryptocurrency market.