US judge dismisses "Musk hypes Dogecoin" case, DOGE investors' dream of claiming $258 billion shattered
Tesla CEO Elon Musk often tweets about Dogecoin on the X platform, causing its price to fluctuate frequently in the last cycle.
In June 2022, a group of dissatisfied Dogecoin investors filed a lawsuit against Musk and Tesla, accusing him of deliberately pushing up the price of Dogecoin, attracting retail investors to the market, and then selling at a high price, causing the price of the currency to plummet.
The lawsuit has been amended four times in two years. The plaintiffs allege that Musk "pushed the price of Dogecoin by more than 36,000% in two years, and then caused it to collapse", and accused him of "using his status as the world's richest man to manipulate the Dogecoin pyramid scam", demanding compensation of $258 billion.
In March 2023, Musk filed documents with the court requesting the dismissal of the lawsuit. His lawyers argued that the investors' class action lawsuit was based on the fantasy created by Musk's "harmless tweets" about Dogecoin.
Now, the lawsuit has finally come to a conclusion. Alvin Hellerstein, a judge at the U.S. District Court for the Southern District of New York, dismissed the lawsuit against Musk and Tesla on the 29th and dismissed it with a "no further action", which means that the plaintiff can no longer sue the case.
Judge Hellerstein pointed out that Musk's remarks that Dogecoin will become the global currency of the future, can be used to buy Tesla, or will be sent to the moon by SpaceX are "visionary exaggerations, not facts, and easily falsified."
Therefore, he believes that no rational investor should file a securities fraud claim based on these tweets. He also said that he "cannot understand" investors' allegations of market manipulation and insider trading.
To learn more about the logic of cryptocurrency investment, please visit my homepage! 🌟
After the lawsuit was dismissed, Musk's lawyer Alex Spiro issued a statement via email saying: "This is a very good day for Dogecoin."
