Elon Musk’s DOGE Price Manipulation Case
Adam Gabor Mehes has resigned and withdrawn from the lawsuit against Musk. Billionaire Elon Musk faces a lawsuit with allegations of market manipulation.
Adam Gabor Mehes, one of Tesla founder and CEO Elon Musk’s primary internal litigation attorneys, has reportedly withdrawn from a lawsuit related to alleged Dogecoin (DOGE) market manipulation, according to documents filed in federal court today cited by Decrypt.
Mehes, who was with the company for less than a year, had been actively involved in numerous legal proceedings concerning Musk. His departure marks a significant shift in Musk’s legal team regarding the ongoing $258 billion lawsuit.
Tesla’s legal team has applied to the court to introduce their new attorney, Allison Huebert. Huebert, who formerly served as a litigator at the law firm Quinn Emanuel, is expected to take over the DOGE market manipulation case. Earlier in June, Musk denied allegations of being a “Dogecoin whale“. Musk has been accused in the past of manipulating Dogecoin prices, allegedly to the detriment of retail investors. These allegations stem from June last year and have been persistent since then.
Musk has repeatedly refuted claims of market manipulation and insider trading related to the meme coin. A cohort of DOGE investors argues that Musk exploited his social media platforms to inflate the coin’s value, particularly after his appearance on NBC’s Saturday Night Live.
Musk’s lawyers have defended his tweets as harmless and argued they couldn’t have impacted the market. “There is nothing illegal about expressing support on Twitter or sharing amusing images of a cryptocurrency with a nearly $10 billion market capitalization. The court should dismiss the plaintiff’s speculative claims,” wrote Musk’s lawyers.
Alex Shapiro, another of Musk’s lawyers, dismissed allegations last week that the billionaire owns multiple digital wallets holding millions of dollars in Dogecoins.
- The price of Dogecoin has seen a sharp increase due to positive news coming from the crypto space. Experts believe this is a sign of strong support from major companies.
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