Only lawyers win. In June 2022, a wacky class action against Elon Musk had been launched on accusations of “ price manipulation ” of Dogecoin (DOGE). The accusers initially asked for the trifle of $258 billion (!!!) to the billionaire for his memes humorous on the famous crypto-joke with the smiling Shiba dog logo. Unsurprisingly, and after 2 and a half years of unnecessarily spent legal fees, the case ended in a mess, and DOGE investors (punters?) throw in the towel.
Elon Musk: a big fan of memes, including a few about Dogecoin
The fantastic billionaire Elon Musk has just been appointed head of Department of Government Efficiency (D.O.G.E.) by the president-elect Donald Trump (to cut short public spending deemed superfluous). But in the present case, this affair whose origins date back to 2022 concerned so-called “ manipulations » of the course of DOGEla crypto native de la blockchain Dogecoin.
The plaintiff-speculators 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. Like the example below, dating from February 2021where Musk used an image parodying a famous scene from the animated film The Lion King (with DOGE sauce!).
Based on a joke/meme to invest in DOGE and accuse the joker? A dead end
Last August, the judge Alvin Hellerstein of the Southern District Court of New York had already rejected the complaint. He then commented on the accusers that “ no reasonable investor » could not be based on a joke or a even to bet his money. And, in any case, do not complain after having themselves committed such frivolity to invest.
The plaintiffs still decided to to appeal of the judge’s decision at the time. But a few months later, and as many additional legal costs, DOGE speculators finally announced withdraw their complaintas reported in particular by Reuters.
With a lot of fair-playElon Musk and Tesla also have on their side removed their request for sanction the lawyer reckless Dogecoin enthusiasts, whom they accused of having “pursued a business frivolouswith constantly evolving legal theories, in order to to extort prompt compensation.”
The matter is therefore closeand Dogecoin speculators who took Elon Musk too seriously widened their losses even further by “ high legal fees », to use the terms used by the Reuters publication. If they never have not sold to date their DOGE, these investors can take comfort in seeing the Dogecoin takes +140% since the election of Donald Trump. Maybe some are even become winners again on the memecoin (hence the abandonment of their complaint?).
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