{"id":36947,"date":"2024-08-30T11:33:19","date_gmt":"2024-08-30T11:33:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/judge-dismisses-258-billion-lawsuit-against-elon-musk-over-dogecoin-claims\/"},"modified":"2024-08-30T11:33:19","modified_gmt":"2024-08-30T11:33:19","slug":"judge-dismisses-258-billion-lawsuit-against-elon-musk-over-dogecoin-claims","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/judge-dismisses-258-billion-lawsuit-against-elon-musk-over-dogecoin-claims\/","title":{"rendered":"Judge Dismisses $258 Billion Lawsuit Against Elon Musk Over Dogecoin Claims"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York has rejected a lawsuit against Elon Musk, requesting $258 billion in damages, nearly two years after it was filed. According to the lawsuit, Musk manipulated the value of Dogecoin, causing investors to suffer large losses.<\/p>\n

The plaintiffs in the action argued that Musk fraudulently boosted Dogecoin\u2019s price by over \u201c36,000%\u201d before allowing it to plummet, taking advantage of his position as the richest man in the world. They contended that Musk\u2019s activities resembled a \u201cDogecoin Pyramid Scheme,\u201d implying that he used the volatility of the market to promote the cryptocurrency for his own financial benefit.<\/p>\n

A key moment highlighted in the lawsuit was Musk\u2019s appearance on \u201cSaturday Night Live<\/a>\u201d in 2021, where he jokingly referred to Dogecoin as \u201ca hustle.\u201d This statement coincided with a sharp decline in Dogecoin\u2019s value, which plummeted more than 25% after reaching an all-time high of $0.73. The token has since struggled to recover those price levels.<\/p>\n

Court\u2019s Ruling and Implications<\/h2>\n

In his August 29 decision, Judge Hellerstein concluded that Musk\u2019s remarks about Dogecoin<\/a> were \u201caspirational and puffery, not factual,\u201d emphasizing that \u201cno reasonable investor could rely upon them\u201d when making investment decisions. The judge further noted that the allegations of a \u201cpump and dump\u201d scheme, market manipulation, and insider trading lacked sufficient factual basis. He stated that it was \u201cnot possible to understand the allegations that form the basis\u201d of the plaintiffs\u2019 claims.<\/p>\n

Musk\u2019s legal team had previously urged the court to dismiss the case, arguing that his social media endorsements of Dogecoin were too vague to constitute fraud. The court\u2019s decision to dismiss the lawsuit<\/a> reflects this perspective.<\/p>\n

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Despite his early enthusiasm for cryptocurrencies, Musk has gradually distanced himself from the sector. Tesla, his electric vehicle company, initially accepted Bitcoin as a payment method but reversed this decision soon after Musk\u2019s SNL appearance. However, Tesla reportedly continues to hold Bitcoin, as indicated in its Q1 2024 earnings report<\/a>.<\/p>\n

Following the dismissal of the lawsuit, Dogecoin\u2019s price remained stable, though the token is still down 86.4% from its peak.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York has rejected a lawsuit against Elon Musk, requesting $258 billion in damages, nearly two years after it was filed. According to the lawsuit, Musk manipulated the value of Dogecoin, causing investors […]<\/p>\n","protected":false},"author":34,"featured_media":36948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36947"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36947"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36948"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}