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Investors drop appeal in Elon Musk dogecoin case
Investors have withdrawn their appeal in a legal case accusing Elon Musk of influencing dogecoin’s trading.
The initial lawsuit included accusations of fraud and insider trading against Musk and Tesla.
The appeal’s withdrawal was filed Thursday night in a Manhattan federal court. Approval is pending from U.S. District Judge Alvin Hellerstein.
Both parties have also withdrawn motions to impose legal sanctions on one another over alleged misconduct.
The lawsuit alleged Musk manipulated dogecoin’s value using Twitter posts and media appearances, such as on NBC’s “Saturday Night Live.”
Judge Hellerstein concluded in his ruling that Musk’s actions did not constitute securities fraud, as investors could not reasonably rely on them.
The plaintiffs initially sought $258 billion in damages and revised their complaint four times over two years.
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