Elon Musk and Tesla have won a lawsuit that alleged them of market manipulation and insider trading.
Dogecoin investors accused Musk of manipulating the meme coin’s price, causing $258 billion in damages.
The judge ruled that Musk’s X posts are not factual and susceptible to being falsified but aspirational.
Tech mogul Elon Musk and his company, Tesla, secured a significant win in a lawsuit that accused them of defrauding investors by manipulating the value of Dogecoin (DOGE). On August 29, 2024, U.S. District Judge Alvin Hellerstein in Manhattan dismissed claims that Musk engaged in insider trading, which allegedly caused $258 billion in damages.
A group of Dogecoin investors had filed a lawsuit against Musk in June 2023, alleging that he and Tesla used social media platforms like X to artificially inflate Dogecoin’s price by over 36,000%. The plaintiffs claimed that Musk sold his Dogecoin holdings at the peak, causing the price to plummet and resulting in investor losses.
However, Judge Hellerstein dismissed these accusations, stating that the plaintiffs made several “material misrepresentations” of Musk’s X posts about Dogecoin. The tweets acknowled…
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