In the latest development, the ongoing legal battle over Musk’s connection to Dogecoin has come to an end as investors have withdrawn their appeal. The lawsuit accused Musk of manipulating the DOGE price, accusing him of fraud and insider trading.
Investors withdraw their appeal
“They are also withdrawing a bid to sanction Musk’s lawyers for allegedly interfering with the appeal, including by demanding payment of their expensive legal fees,” he said. Economic Times.
However, now that investors have withdrawn their appeal, this has officially come to an end. Additionally, Musk and Tesla have withdrawn their motion to sanction the opposition legal team over the lawsuit. The case was previously dismissed on August 29, when investors attempted to continue pursuing legal action against Musk.
Musk- The DOGE Dad
Previously, Musk had stated that he was the Doge father, frequently citing the memecoin in several instances. His connection would cause price increases for the token. This led to a legal battle, as investors claimed Musk manipulated the token’s price for his profits. The investors accused Musk of using Twitter posts, an appearance on NBC’s “Saturday Night Live” and other stunts to trade Dogecoin at their expense, including by timing trades to Musk’s public statements and activities.
Investors originally demanded $258 billion and amended their complaint four times in two years. However, on August 29, the case was dismissed because reasonable investors could not establish securities fraud based on Musk’s public statements. The judge stated that Musk’s comments, such as describing Dogecoin as the “future currency of the Earth,” could not reasonably be interpreted as market manipulation or insider trading.
A stipulation dismissing both parties’ appeals and claims was filed Thursday evening in federal court in Manhattan. It now requires approval from U.S. District Judge Alvin Hellerstein.
Dogecoin rises on Trump’s announcement
Recently, Dogecoin rose in value after Trump greenlit Musk’s ideas for a new executive branch with a similar name. Trump announced that Musk will lead the new Department of Government Efficiency (DOGE), alongside Vivek Ramaswamy, a billionaire who ran against Trump in the Republican primaries but then dropped out to support him.
Amid the remarkable events of the past week, the price of Dogecoin has soared. On Election Day, DOGE was hovering around $0.15. Since then, the token has nearly tripled in value, reaching nearly $0.43 on Wednesday and hitting a three-year high this week. Experts believe that Dogecoin has emerged as a changed token from this week’s events and is all set to still have its best days ahead of it. It is currently trading around $0.3623.
Credit : coinpedia.org
