Odaily Planet Daily News Musk and his electric car company Tesla (TSLA.O) have successfully won a federal lawsuit accusing them of defrauding investors by exaggerating the value of the cryptocurrency Dogecoin and engaging in insider trading, causing billions of dollars in losses. U.S. District Judge Alvin Hellerstein in Manhattan issued the ruling on Thursday evening. Investors accused the world's richest man of using Twitter posts, an appearance on NBC's "Saturday Night Live" in 2021, and other publicity stunts to make profitable transactions at the expense of investors' losses through multiple Dogecoin wallets controlled by him or Tesla. They also said that Musk deliberately pushed the price of Dogecoin up by more than 36,000% in two years and then let it plummet, and that he and Tesla often arranged trading times based on Musk's public statements and activities about Dogecoin. However, Hellerstein said Musk's tweets about "Dogecoin being the future currency of the Earth, which can be used to buy Tesla cars, or sent to the moon by his company SpaceX" were "idealistic and exaggerated, not true, and easily falsified," meaning no rational investor could rely on those tweets to bring a securities fraud lawsuit, making it "incomprehensible" that investors were making allegations of market manipulation and insider trading. Hellerstein dismissed the lawsuit with prejudice, meaning it cannot be filed again. The investors initially sought $258 billion in damages and amended their complaint four times in two years. In seeking to dismiss the lawsuit, Musk's lawyers said there was nothing wrong with his "harmless and often stupid tweets." They also said there was no evidence that Musk had two wallets for suspicious transactions, or that he or Tesla had ever sold Dogecoin. (Reuters)