Elon Musk Dogecoin lawsuit was dismissed by a federal court. The court dismissed the complaint filed against Tesla CEO Elon Musk over his alleged involvement in Dogecoin insider trading.
Elon Musk is the richest person. In 2020, he began promoting Dogecoin. In mid-2021, Dogecoin increased by 36,000%. At the time, Musk clarified that he and his company owned Bitcoin, Ethereum, and Dogecoin, but also cautioned people about the volatility of cryptocurrency.
On August 29, 2024, Elon Musk and his electric vehicle firm Tesla won the dismissal of a federal case accusing him of defrauding investors by overhyping the cryptocurrency Dogecoin and engaging in insider trading, resulting in billions of dollars in losses. U.S. District Judge Alvin Hellerstein of Manhattan issued his decision on Thursday night.
According to Reuters, a US federal judge dismissed a complaint against Elon Musk and his business Tesla, accusing them of misleading investors by misrepresenting Dogecoin’s value and engaging in insider trading, resulting in billions of dollars in losses. Manhattan District Judge Alvin…
Wu Blockchain (@WuBlockchain) – August 30, 2024
Investors accused Elon Musk of using his Twitter influence by posting about Dogecoin, a 2021 appearance on NBC’s “Saturday Night Live” to praise Dogecoin, and other publicity stunts to trade profitably at their expense through several Dogecoin wallets controlled by him or Tesla.
Elon Musk’s Shifting Interests
Musk is undoubtedly a fan of Dogecoin and dog pets. He has previously discussed dog loyalty and Dogecoin’s proof-of-work (PoW) protocol. Musk believes Dogecoin will be the best cryptocurrency for payments in the future, if this inventive sector continues to exist.
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It is worth mentioning that Musk vowed in 2021 to support a space mission to deliver a Doge-satellite to the moon, but he never mentioned it again.
Musk revealed in early 2023 that his interest in cryptocurrency had waned, and he was now more focused in artificial intelligence (AI) technology. Later that year, he created a new AI chatbot to compete directly with OpenAI’s ChatGPT.
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