A lawsuit accusing Elon Musk of rigging dogecoin is ending.
Investors in the cryptocurrency who said the world’s richest person and his electric car company Tesla committed fraud and insider trading are withdrawing their appeal from an Aug. 29 dismissal of their case.
They are also withdrawing a bid to sanction Musk’s lawyers for allegedly interfering with the appeal, including by demanding payment of their hefty legal fees.
Musk and Tesla, meanwhile, withdrew their motion to sanction the investors’ lawyer for allegedly pursuing a “frivolous” case with ever-changing legal theories to “extort a quick handout.”
A stipulation dismissing the appeal and both sides’ motions was filed on Thursday night in federal court in Manhattan. It requires approval by U.S. District Judge Alvin Hellerstein.
Lawyers for the investors and Musk did not immediately respond on Friday to requests for comment.
Investors accused Musk of using Twitter posts, an appearance on NBC’s “Saturday Night Live” and other stunts to trade dogecoin at their expense, including by timing trades to Musk’s public statements and activities.
In the Aug. 29 dismissal, Hellerstein said reasonable investors could not prove securities fraud from relying on Musk’s tweets, including that dogecoin was the future currency of Earth and could be flown to the moon by his company SpaceX.
The judge also said he did not understand the investors’ related market manipulation and insider trading claims.
Investors originally sought $258 billion, and amended their complaint four times in two years.
Musk bought Twitter in 2022 and rebranded it X.
On Tuesday, President-elect Donald Trump picked Musk and biotechnology company founder Vivek Ramaswany to lead a new Department of Government Efficiency, whose acronym echoes dogecoin’s name.
The case is Gorog et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.
—Jonathan Stempel, Reuters
Accedi per aggiungere un commento
Altri post in questo gruppo
There are certain social media rules we can all agree on: Ghosting a conversation is impolite, and replying “k” to a text is the equivalent of a backhand slap (violent, wrong, and rude). But what
Picture this: You’re driving on a crowded highway, preparing to change lanes and pass a tractor-trailer. As you check your mirrors, a loud chime on your car’s infotainment screen rings out.
Just a couple of years ago, pundits were warning of streaming’s demise. From Netflix to Spotify, these companies were burning through cash. How could they keep operating?
Now, almo
Let’s say you own one of the most valuable homes in a lush, gated community that has been earmarked as a future point of growth for decades to come. One day, a letter appears in your mailbox, offe
Everyone has a favorite moment from Super Bowl LIX. Eagles fans likely will long cherish the decisive victory over the Chiefs. Some will discuss Kendrick Lamar’s game-changing halftime show. Me? I
“Insane project idea: all of wikipedia on a single, scrollable page,” Patina Systems founder Tyler Angert posted on X earli
