U.S. Court Dismisses Lawsuit Against Elon Musk Over DOGE Hype

IconCryptoNewsTerminal Staff29 Aug, 2024

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U.S. Court Dismisses Lawsuit Against Elon Musk Over DOGE Hype

A U.S. court has dismissed a lawsuit against Tesla and its CEO, Elon Musk alleging that their promotion of the cryptocurrency DOGE amounted to insider trading. The investors claimed that Musk's statements caused them to lose billions of dollars but Judge Alison Nathan ruled that their complaint was "implausible" and that there was no evidence to support the claim of insider trading. Despite the dismissal, the case highlights the ongoing debate about the regulation of cryptocurrencies and the potential risks associated with following celebrity endorsements without thorough research and understanding.