- Elon Musk got into trouble with tweets he made about Dogecoin some years back. So, a group of Dogecoin investors sued the billionaire.
- Apparently, they accused Elon Musk of market manipulation and insider trading. But now, Elon Musk’s lawyers are asking the judge to close the case as it continues to drag on.
Elon Musk is one of the biggest Dogecoin fans, and he always supports cryptocurrency. However, it seems some of his comments about the token warranted a lawsuit. A group of Dogecoin investors accused the billionaire of some type of insider trading and market manipulation. Apparently, some of the Elon Musk’s comments and actions Musk took made the meme coin increase in price. Maybe, while others were profiting, these groups of traders lost some money.
All the Details About Elon Musk Dogecoin Lawsuit
The lawsuit between Elon Musk and some DOGE investors continues to drag on. The major bone of contention, in this case, is that the investors said Musk manipulated the market. Furthermore, this case is at the U.S. District Court for the Southern District of New York. On May 31st, the investors mass some new amendments to the case. Apparently, they want to add more evidence of market manipulation.
Their major instance, in this case, is Elon Musk using his large following on the X platform (formerly Twitter) to manipulate the market. The investors cited some of his tweets as evidence to support their claim.
One of them was in 2021 when Musk shared a meme featuring Dogecoin on the X platform.
Class Action Lawsuit Against Elon Musk
In their filing, these investors pointed out Elon Musk hijacking the Dogecoin project to manipulate it. Part of their filing read:
“This is a securities fraud class action arising from a deliberate course of carnival barking market manipulation and insider trading by the world’s richest man Elon Musk, who hijacked an emergent pop-culture phenomenon to cross-promote himself and his companies and to pad his obscene fortune, preying on the earnest hopes of vulnerable Americans, including war veterans, blue-collar workers, and the elderly.”
Elon Musk Lawyers Hit Back at Dogecoin Investors
Elon Musk’s lawyers voiced their concerns regarding the ongoing case between Musk and some DOGE investors. Apparently, Elon Musk’s lawyers called on the judge to close down the case. Musk lawyer Alex Shapiro said the tactics employed by the DOGE investors are chaotic.
“Enough is enough. This action is yet another example of counsel’s abusive and belligerent litigation tactics,” Elon Musk’s lawyer said in a filing against the case. On the other hand, Evan Spencer, the lead attorney in the class-action lawsuit against Musk, didn’t release a statement.
Conclusion
The case between Elon Musk and the Dogecoin investors continues to linger around. Obviously, Elon Musk wants the case dismissed from the court, but the DOGE investors aren’t budging. Apparently, the basis of the case is one of the past comments and actions Musk took regarding DOGE.
