Court Filing Reveals Withdrawal of Appeal in Musk-Dogecoin Case
In a court action alleging that Elon Musk influenced Dogecoin’s trading, investors have withdrawn their appeal. The withdrawal of the appeal was submitted to a federal court in Manhattan on Thursday evening. U.S. District Judge Alvin Hellerstein’s approval is still pending. Additionally, both sides have retracted their attempts to hold each other legally liable for their purported wrongdoing.
Musk and Tesla Cleared of Securities Fraud in Dogecoin Lawsuit
In the first lawsuit, Musk and Tesla were accused of insider trading and fraud. According to the lawsuit, Musk used media appearances and Twitter tweets, including on NBC’s “Saturday Night Live,” to manipulate the value of Dogecoin.
Because investors could not fairly rely on Musk’s activities, Judge Hellerstein concluded that they did not amount to securities fraud. Over the course of two years, the plaintiffs made four revisions to their case, first requesting $258 billion in damages.
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