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Conclusion of the Lawsuit Involving Elon Musk and Tesla
The long-running lawsuit accusing Elon Musk and Tesla of Dogecoin manipulation has come to an end. The lawsuit gained attention as Musk frequently elevated the profile of the cryptocurrency in 2021 through various public statements and social media activity, creating significant buzz around the memecoin.
Lawsuit Dismissed
On November 15, 2024, lawyers representing both the plaintiffs and Musk filed a motion in Manhattan federal court to dismiss the case. This motion not only withdrew the original lawsuit but also dropped a previously filed appeal and any pending sanctions motions. The plaintiffs had originally sought a staggering $258 billion in damages, claiming that Musk’s actions constituted a “pump and dump” scheme that manipulated Dogecoin’s value.
Details of the Allegations
The accusations were based on several instances where Musk publicly promoted Dogecoin, including his tweets, a notable appearance on “Saturday Night Live,” and his decision to replace the Twitter logo with the Dogecoin mascot for a brief period. However, U.S. District Judge Alvin K. Hellerstein dismissed the case in August, asserting that Musk’s comments, such as referring to Dogecoin as “the future currency of Earth,” were merely aspirational and lacked substantive evidence of fraud or market manipulation.
Legal Back-and-Forth
The case featured contentious exchanges between Musk’s legal team and the investors’ representatives. Investor attorney Evan Spencer accused Tesla’s legal team of attempting to intimidate him, a claim that Musk’s lawyers dismissed as unfounded. In turn, Musk’s team sought sanctions against Spencer, arguing that the lawsuit was frivolous and an attempt to secure a quick financial settlement. The recent court filing aimed to resolve these disputes and also included the withdrawal of Musk’s request for sanctions against Spencer over alleged inflated legal fees.
Dogecoin’s Resurgence
As the legal drama concluded, the cryptocurrency Dogecoin experienced a notable surge in value, climbing over 83% to reach $0.36. This uptick was attributed to various political and economic developments surrounding Musk’s involvement in government initiatives, including his appointment as co-leader of the proposed Department of Government Efficiency (D.O.G.E.) under President-elect Donald Trump. This initiative, which humorously aligns with Dogecoin’s branding, aims to bring structural reforms and enhance efficiency in government operations.
The Future of DOGE
The mission of the newly proposed DOGE involves providing advisory support to the U.S. government and addressing inefficiencies in its significant $6.5 trillion annual budget. Following Trump’s election victory, Dogecoin, which Musk has championed, experienced a 150% rise, briefly touching $0.40, a milestone not seen since May 2021. Trump expressed confidence in DOGE’s leadership, emphasizing their focus on enhancing efficiency and improving the lives of Americans.
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