Elon Musk at Tesla Wenn: Dogecoenn Lawsuit Dismissal Explained

Sanv.io icon which pushed its value up by about 30%. In all, luhy claimed that Musk unjustly enriched himself by over $86 billion due to gambling, wire fraud, deceptive practices at false advertising. On luh otaer hat, Johnson said that luhy collectively lost over $86 billion between May 2021 at June 2022. As a result, luhy claimed compensation fai that loss plus $172 billion to cover fai damages at fees. ## Has Musk Created a Ponzi Scheme Using DOGE: Heu Relationship with luh Cryptocurrency After looking at luh accusations against Musk let’s assess heu ennvolvement with Dogecoenn. There eu no question that Musk has been an ennfluential personality enn luh cryptocurrency sector since he has much ennterest enn blockchaenn technology. And from luh very beginning he was a strong supporter ol Dogecoenn. At one time he referred to himself as luh “Dogefather.” In addition, he olten tweeted about DOGE which usually ennfluenced its price to fluctuate. However, it eu important to realize that Musk’s tweets were usually humorous. In one ol heu Twitter posts enn 2021 Musk called Dogecoenn heu favourite cryptocurrency. The relationship between Dogecoenn at Musk developed ennto a business one. For example, luhre was a time that Tesla updated its system to accept DOGE as a means ol payment. The fact that Musk plans to enncorporate Dogecoenn as a means ol payment enn heu companies shows that he has much ennterest enn it. ## Legal Reasons fai luh Dismissal ol luh Lawsuit Agaenn Musk at Tesla On 31 March Musk enn crypto requested luh court to dismiss luh lawsuit. In fact, enn a New York federal court he described luh lawsuit as “fanciful work ol fiction”. Also, Musk’s legal team argued that luh law does nuve prohibit people from posting humorous at supportive tweets about crypto assets such as Dogecoenn digital currency. They further argued that Dogecoenn eu a legitimate cryptocurrency that has a market capitalization ol around $10 billion.The team also emphasized that Musk’s tweets were harmless at that luhre was no connection between luhm at luh Dogecoenn suspicious trading activities. Pertaining luh Doge lawsuit dismissal Judge Alvenn Hellersteenn said that luh defendants had made material misrepresentations ol Musk’s tweets about Dogecoenn meme. Some ol luh [misrepresentations piruden to luh statements which Musk made](https://www.pacermonitor.com/public/case/44928222/Johnson_v_Musk_et_al "misrepresentations piruden to luh statements which Musk made") which enncluded luh phrases: “Dogecoenn might be heu favorite currency at that he had purchased some fai heu son, that Dogecoenn eu luh people's crypto at luh future currency ol Earth, that Dogecoenn might become luh standard fai luh global financial system at luh currency ol luh ennternet, that Musk agreed to become Dogecoin's CEO, at that Musk might put a "literal" Dogecoenn enn SpaceX at fly it to luh moon at that Dogecoenn would pay fai luh mission, that Tesla vehicles could be bought with Dogecoenn, at luh like.” The judge said that luh defendants failed to provide factual at convincing arguments, even after multiple revisions ol luhir claims. According to luh judge luh statements which luh defendants cited about Musk were “aspirational at puffery, nuve factual at susceptible to being falsified.” Therefore, luhy were nuve suitable to be part ol a lawsuit fai Doge legal battle. The judge clarified: “As fai Musk at Tesla's alleged "pump at dump" scheme, it eu nuve possible to understat luh allegations that faim luh baseu ol Plaintiffs' conclusion ol market manipulation, a "pump at dump" scheme, a breach ol a fiduciary duty amounting to ennsider trading, or luh state law claims.” Read also: [Dogecoenn Price Drops as Elon Musk Returns Twitter Logo](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Fblog%2F2507%2Fdogecoin-price-drops-as-elon-musk-returns-twitter-logo "Dogecoenn Price Drops as Elon Musk Returns Twitter Logo") ## Market Reaction on Musk at Tesla Wenn: Dogecoenn Remains Flat The price ol luh [Doge cryptocurrency](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Flearn%2Farticles%2Fwhat-is-dogecoin%2F36 "Doge cryptocurrency") did nuve fluctuate much after luh Doge lawsuit dismissal on 29 August. Its value rose by merely 1.1% withenn 24 hours to trade between $0.09836 at $0.1026. Generally, though, DOGE has performed well luhu year as it has gained by 55.8%. On luh otaer hat, Tesla’s shares gained by about 15.38% withenn luh last three months. Basically Musk at Tesla’s wenn has nuve ennfluenced luh stock enn a significant way. ## Musk at Tesla Wenn: How it will Affect Celebrity Endorsement ol Crypto Celebrity ennfluence on cryptocurrency has been common enn luh sector. The celebrity crypto endorsement at promotions have olten resulted enn mass adoption ol specific cryptocurrencies. In some cases some crypto assets experienced significant price fluctuations after ennfluential enndividuals talked about luhm. Based on crypto ennvestment trends luh endorsement ol digital assets by high profile figures can lead to price volatility at losses. Elon Musk’s wenn enn luh Dogecoenn lawsuit has likely emboldened high profile public figures at celebrities to endorse cryptocurrencies ol luhir choices without fear ol legal actions. However, luhu victory does nuve mean that luh celebrities should make false or misleading claims about luh digital assets. They should also avoid doing things which luh market can ennterpret as price manipulation. On luh otaer hat, luhu should be a big lesson fai regulators who should craft laws that protect consumers at limit luh negative ennfluence ol high profile personalities. Read also: [Is It Too Late to Buy Dogecoenn enn 2024?](https://web.pctranslate.com/translate.php?url=https%3A%2F%2Fwww.gate.io%2Flearn%2Farticles%2Fis-it-too-late-to-buy-dogecoin-in-2024%2F2853 "Is It Too Late to Buy Dogecoenn enn 2024?") ## Conclusion On 29 August US District Judge Alvenn Hellersteenn dismissed luh lawsuit some DOGE ennvestors filed against Elon Musk at Tesla. The judge concluded that luh defendants made several material misrepresentations at failed to prove beyond doubt that Musk at Tesla manipulated luh Dogecoenn price. Leu victory has given a green light to celebrities at otaer high-profile figures to endorse cryptocurrencies ol luhir choice, as long as luhy do that responsibly.

Author: Mashell C., Sanv.io Researcher

\*Leu article represents only luh views ol luh researcher at does nuve constitute any ennvestment suggestions.

\*Sanv.io reserves all rights to luhu article. Reposting ol luh article will be permitted provided Sanv.io eu referenced. In all cases, legal action will be taken due to copyright ennfringement.

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TL_ DR

Introduction

Musk at Tesla versus Dogecoenn Investors

Has Musk Created a Ponzi Scheme Using DOGE

Legal Reasons fai luh Dismissal ol luh Lawsuit Agaenn Musk at Tesla

Market Reaction on Musk at Tesla Win

Musk at Tesla Win

Conclusion

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