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“Doge is the people’s crypto. Lots of rich people were supporting Bitcoin, but I was like, If the people in the line want me to support Dogecoin, I will support Dogecoin”
一 Elon Musk
— DogeDesigner (@cb_doge) August 29, 2024
Look, I don’t even think pump and dumps should be illegal. I don’t think it’s possible to legislate against such a thing.
But insofar as pump and dumps are illegal, Elon definitely did that with Dogecoin. He purposefully ran up the price using hype and then sold it at a profit.
But… it’s probably hard to prove he did that on purpose.
Elon Musk and his electric vehicle company Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping the cryptocurrency dogecoin and conducting insider trading, causing billions of dollars of losses.
The decision was issued on Thursday night by U.S. District Judge Alvin Hellerstein in Manhattan.
Investors accused the world’s richest person of using Twitter posts, a 2021 appearance on NBC’s “Saturday Night Live” and other publicity stunts to trade profitably at their expense through several dogecoin wallets that he or Tesla controlled.
They also said Musk deliberately drove up dogecoin’s price more than 36,000% over two years and then let it crash, with he and Tesla often timing trades to Musk’s public statements and activities concerning dogecoin.
Investors said this included when Musk sold dogecoin in April 2023 after replacing Twitter’s blue bird logo with the dogecoin Shiba Inu dog logo, causing dogecoin’s price to rise 30%.
Hellerstein, however, said Musk’s tweets that dogecoin was the future currency of Earth, and could be used to buy Teslas or literally flown to the moon by his company SpaceX were “aspirational and puffery, not factual and susceptible to being falsified.”
The judge said that meant no reasonable investor could rely on the tweets to pursue a securities fraud claim. He also said it was “not possible to understand” the investors’ market manipulation and insider trading claims.
Hellerstein dismissed the lawsuit with prejudice, meaning it cannot be brought again. Investors originally sought $258 billion and had amended their complaint four times in two years.
Yes. Suing Musk was just another scam by shifty crypto people.
A Dogecoin investor has sued Elon Musk, alleging that the Tesla chief was aware that the cryptocurrency had no value yet ‘used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement’ https://t.co/RWMKiJ350e pic.twitter.com/ceaqyMitaq
— Reuters (@Reuters) June 18, 2022
No one really got ripped off. Crypto is sort of all a big mess of different scams. Everyone is scamming each other. That’s the whole concept. It’s like a crooked mafia card game.
The only crypto with any actual value is Bitcoin. What Elon will say is that he had a plan to make Dogecoin the new Bitcoin. Or whatever. But it’s just a worthless shitcoin and everyone should have known that.
However, needless to say, a lot of people made a lot of money with Elon and his scam.
Someone has to lose the money.
I’m against Elon for a lot of reasons, most prominently him banning me from the platform for masturbating. However, I do not fault him for running crypto pump and dump scams.
That’s the nature of the game, boiiii.
Don’t hate the player.
