Tesla CEO Elon Musk Beats Dogecoin Manipulation Lawsuit

Tech
billionaire
and
Tesla
CEO
Elon
Musk
has
won
the
dismissal
of
a
lawsuit
that
accused
him
and
his
electric
automotive
company
of
manipulating
the
price
of
Dogecoin,
resulting
in
$258
billion
in
damages.

Judge
Alvin
Hellerstein
tossed
the
lawsuit
in
an
Aug.
29


decision

in
the
US
District
Court
for
the
Southern
District
of
New
York.

Judge
Says
No
“Reasonable”
Investor
Would
Interpret
Tweets
By
Elon
Musk
As
Sound
Investment
Advice

Several
“material
misrepresentations”
were
made
regarding
Musk’s
tweets,
according
to
Judge
Hellerstein.
In
some
of
the
posts
mentioned
in
the
case,
Musk
said
that
he
would
become
the
president
of


Dogecoin

and
would
send
a
“literal”
Dogecoin
to
the
moon
in
a
SpaceX
vehicle.

“These
statements
are
aspirational
and
puffery,
not
factual,
and
susceptible
to
being
falsified,”
said
Judge
Hellerstein.
“No
reasonable
investor
could
rely
upon
them”
for
sound
investment
advice,
Judge
Hellerstein
added.

JUST
IN:
Elon
Musk
wins
dismissal
of
lawsuit
claiming
he
had
rigged
Dogecoin
and
conducted
insider
trading

pic.twitter.com/gET5lOPQIX

—
wallstreetbets
(@wallstreetbets)

August
29,
2024

The
lawsuit
against
Musk
and
Tesla
was
filed
in
June
2022
by
a
group
of
disgruntled
investors
who
had
bought
into
the
largest
meme
coin
by
market
cap,
Dogecoin.
Musk
was
accused
of
driving
up
the
crypto’s
price
“more
than
36,000%
over
two
years
and
then
letting
it
crash.”

In
the
lawsuit,
the
investors
also
claimed
that
the
tech
billionaire
“used
his
pedestal
as
the
world’s
richest
man”
to
manipulate
Dogecoin’s
price
and
operate
a
DOGE
“pyramid
scheme.”
Musk
requested
that
the
lawsuit
be
dismissed
on
March
31,
with
his
lawyers
calling
the
claims
and
subsequent
request
for
the
$258
billion
in
damages
“fanciful
work
of
fiction.”

Dogecoin
Price
Barely
Reacts

In
the
past,
the


price

of
Dogecoin
has
undergone
strong
movements
following
any
Musk
or
Tesla
related
developments,
given
Musk’s
reputation
as
the
“Doge
Father.”
However,
the
meme
coin
hardly
moved
following
the
recent
dismissal. 

Data
from
CoinMarketCap


shows

that
the
Dogecoin
price
slipped
less
than
1%
over
the
last
24
hours
to
trade
at
$0.1001
as
of
1:53
a.m.
EST.

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