Only lawyers win. In June 2022 crazy class action lawsuit against Elon Musk was initiated on charges of ” price manipulation “from Dogecoin (DOGE). The accused originally asked for a small amount 258 billion dollars (!!!) billionaires for his memes funny on the famous crypto-joke with a smiling Shiba dog logo. Unsurprisingly, after 2 and a half years of unnecessarily spent legal fees, the case ended in trouble and DOGE investors (bettors?) throw in the towel.
Elon Musk: big fan of memes, including a few about Dogecoin
Fantastic billionaire Elon Musk it just was appointed head Ministry of Government Efficiency (DOGE) elected president Donald Trump (reduce public expenditure considered redundant). But in this case, this affair, whose beginnings date back to 2022, concerned the so-called manipulation » progress DOGEnative crypto blockchain Dogecoin.
Speculator plaintiffs have accused Elon Musk and his company Tesla of “ fraud » and ” insider trading » on memecoin prices, for funny messages (often based on memes) of the billionaire on his Twitter/X account. As the example below, coming from February 2021where Musk used an image parodying a famous scene from an animated film The Lion King (with DOGE sauce!).
Based on a joke/meme invest in DOGE and blame the joker? Dead end
Last August, Judge Alvin Hellerstein of the Southern District Court of New York already rejected the claim. He then commented on the accused that ” no sane investor » could not be based on a joke or a even bet your money. And by no means complain after you’ve committed it frivolity invest.
The prosecutors settled anyway appeal the judge’s decision at the time. But a few months later, and like many other legal costs, DOGE speculators finally announced withdraw your complaintas reported in particular by the Reuters agency.
With a lot fair playThey also have Elon Musk and Tesla on their side removed their request for sanction the lawyer unscrupulous Dogecoin enthusiasts they accused of being “in business”. shallowwith ever-evolving legal theories to blackmail immediate compensation.”
So the thing is closeand dogecoin speculators who took Elon Musk too seriously compounded their losses by “ high legal fees » to use the terms used in the Reuters publication. If they never had not sold to date their DOGE, these investors can take comfort in seeing Dogecoin takes +140% since the election of Donald Trump. Maybe some even are become winners again to memecoin (hence the dropping of their complaint?).
