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Home»ADOPTION NEWS»Elon Musk, Dogecoin Class Action Lawsuit Cleared
ADOPTION NEWS

Elon Musk, Dogecoin Class Action Lawsuit Cleared

By Crypto FlexsAugust 31, 20242 Mins Read
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Elon Musk, Dogecoin Class Action Lawsuit Cleared
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People • Aug 30, 2024 2:59 AM EDT

Posted 1 minute earlier ~ in

Updated: August 30, 2024 3:06 AM EDT

Elon Musk and his electric car company Tesla have won a class action lawsuit. In 2022, he filed a lawsuit against Musk, claiming that his comments were fabricated. Dogecoin viceroy

-0.15%
It crashed the market and harmed investors.

U.S. District Judge Alvin Hellerstein be rejected A lawsuit with prejudice filed on Thursday was permanently dismissed.

In June 2022, investors sued Musk and his company, claiming that they were defrauded by a series of tweets and other Dogecoin-related activities. The investors alleged that Musk’s statements (including his claim that he had agreed to become CEO of Dogecoin and his suggestion that SpaceX put Dogecoin on the moon) were misleading.

A group of investors has filed a lawsuit on their behalf against Musk and his companies, Tesla and SpaceX, in the Southern District of New York.

“These statements are aspirational and boastful statements, not factual, and subject to falsification,” Judge Hellerstein wrote in his order, adding that no reasonable investor could rely on them.

The judge also said he was “incomprehensible” to the arguments the plaintiffs used to conclude that Musk and Tesla engaged in market manipulation, engaged in a “pump and dump” scheme, and engaged in insider trading and breached their fiduciary duties.

Dogecoin, the 9th largest cryptocurrency by market capitalization, Down 1.2% It has been trading around $0.1 over the last 24 hours. It currently has a market cap of $14.6 billion.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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