💰 Elon Musk Wins Dogecoin Manipulation Lawsuit!
Elon Musk and Tesla have emerged victorious in a lawsuit that accused them of manipulating the price of Dogecoin, seeking $258 billion in damages. The case was dismissed on Aug. 29 by Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York.
The plaintiffs argued that Musk’s tweets drove Dogecoin’s price up by "more than 36,000% over two years" and accused him of orchestrating a "Dogecoin Pyramid Scheme." They pointed to tweets where Musk jokingly declared himself the CEO of Dogecoin and mentioned plans to send a "literal" Dogecoin to the moon aboard a SpaceX vehicle.
However, Judge Hellerstein ruled that these statements were “aspirational and puffery, not factual,” and added that "no reasonable investor could rely upon them for sound investment advice.” He emphasized that Musk’s tweets were not material misrepresentations that could be relied upon by a prudent investor.
Back in June 2022, a group of Dogecoin investors sued Musk and Tesla, alleging that Musk used his influence as the "World's richest man" to pump and dump the meme coin. Musk's legal team fired back in March 2023, dismissing the claims as a “fanciful work of fiction.”
Despite the legal victory for Musk and Tesla, Dogecoin’s market reacted with little enthusiasm. The price of DOGE remained flat, gaining only 0.1% after the news broke. As of now, Dogecoin trades at $0.10, having dipped 20% over the past month, according to CoinGecko data.
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