Major Win for Elon Musk in $258 Billion Dogecoin Market Manipulation Lawsuit
The major lawsuit against the future leader of the Department of Government Efficiency (D.O.G.E) will end soon, at least according to the most recent filings by both sides lawyers.
Those representing the investors who sought a $258 billion payout withdrew their appeal from an earlier ruling by Judge Hellerstein, who sided with Teslas CEO in August 2024.
Recall that the lawsuit was initiated in July 2022 after the conclusion of the 2021 bull market. It alleged Musk of illegally interfering with DOGEs price, especially during an appearance on NBCs Saturday Night Live where he praised the asset, but also via his many tweets on the matter.
Most of those interactions resulted in immediate price increases for the OG meme coin, including tapping an all-time high of over $0.73 before the SNL show.
Plaintiff Keith Johnson filed the federal lawsuit in Lower Manhattan, requesting $86 billion in damages from Teslas chief exec, and also $172 billion for losses incurred on DOGE trades since 2019.
Musk won a dismissal of the market manipulation case in late August this year, which the plaintiffs lawyers appealed. However, they have withdrawn that appeal, according to a Thursday filing reported by Reuters earlier today.
In response, Musk and Tesla withdrew their motion to sanction the investors lawyers for pursuing a frivolous case to extort a quick handout.
US District Judge Alvin Hellerstein will have to approve both requests now before the case is officially concluded.
Dogecoins price skyrocketed after Donald Trumps win in the 2024 US presidential elections, perhaps due to the aforementioned relationship between the meme coin and the future D.O.G.E leader. It more than doubled its valuation within a month and soared to $0.44. However, it has lost traction since then and is down to $0.36 as of writing these lines.
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Text source: CryptoPotato
