Dogecoin

Secure

Elon Musk

<ul>
 <li>A U.S. court dismissed a lawsuit against Elon Musk and Tesla, accusing them of manipulating Dogecoin's price through public statements.</li>  
 <li>The judge ruled that Musk's tweets about Dogecoin were "aspirational" and not factual, rejecting claims of securities fraud.</li>  
 <li>Plaintiffs failed to provide sufficient evidence for market manipulation or insider trading by Musk or Tesla.</li> 
</ul>  
<p>Elon Musk and his electric vehicle company, Tesla, secured a major legal victory on Thursday night when the U.S. District Court in Manhattan dismissed a high-profile case accusing them of manipulating the cryptocurrency Dogecoin.&nbsp;</p>  
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<p>The plaintiff is a group of <a href="https://dogecoin.com/" target="_blank" rel="noopener noreferrer nofollow">DOGE</a> investors. They claimed that Musk and <a href="https://www.tesla.com/" target="_blank" rel="noopener noreferrer nofollow">Tesla </a>engaged in a premeditated plan to inflate the memecoin's value through deceptive statements and insider trading which resulted in financial losses for traders.</p>  
<h2 class="wp-block-heading" id="h-allegations-of-market-manipulation-and-insider-trading"><strong>Allegations of market manipulation and insider trading</strong></h2>  
<p>The lawsuit accused Musk of using his influential Twitter platform and a 2021 appearance on NBC's 'Saturday Night Live' to artificially inflate Dogecoin's price. They claimed that the public comments and tweets made by Elon Musk generated a false sense of confidence in Dogecoin which resulted in its price soaring by more than 36,000% in just two years.&nbsp;</p>  
<p>They accused Musk and Tesla of engaging in <a href="https://cryptonewsland.com/elon-musk-denies-owning-dogecoin-wallets-amid-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">coordinated trades</a> using wallets controlled by them to maximize profits at the expense of normal investors.</p>  
<h2 class="wp-block-heading" id="h-the-final-judgment"><strong>The Final Judgment</strong></h2>  
<p>U.S. District Judge Alvin Hellerstein dismissed the case with prejudice, prohibiting the plaintiffs from pursuing it again. In his decision, Judge Hellerstein stated that Musk's tweets and public pronouncements about Dogecoin were aspirational and puffery, rather than real claims that might be proven wrong.&nbsp;</p>  
<p>The judge highlighted that no <a href="https://cryptonewsland.com/elon-musk-i-will-keep-supporting-dogecoin-amid-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">reasonable investor</a> could use such comments to bring a securities fraud lawsuit. Furthermore, the court determined that the investors did not submit adequate evidence to substantiate their claims of market manipulation and insider trading.&nbsp;</p>  
<h2 class="wp-block-heading" id="h-musk-s-legal-team-responds"><strong>Musk's Legal Team responds</strong></h2>  
<p>Musk's legal team <a href="https://x.com/elonmusk/status/1410529698497630212" target="_blank" rel="noopener noreferrer nofollow">maintained</a> that his often funny and exaggerated tweets were part of his persona, not premeditated attempts to deceive investors. They also argued that the plaintiffs' claims were hypothetical and lacked the required evidence to show that Musk or Tesla engaged in any illegal trading.</p>  
<p>The dismissal of the Dogecoin manipulation lawsuit is a significant victory for Elon Musk and Tesla, insulating them from future legal ramifications from their engagement with the cryptocurrency.&nbsp;</p> 
<p>The post <a href="https://cryptonewsland.com/elon-musk-and-tesla-secure-legal-victory-in-dogecoin-doge-manipulation-case-another-win-for-crypto/" rel="noopener noreferrer nofollow">Elon Musk and Tesla Secure Legal Victory in Dogecoin (DOGE) Manipulation Case, Another Win for Crypto</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Elon Musk and Tesla Secure Legal Victory in Dogecoin (DOGE) Manipulation Case, Another Win for Crypto

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