đš Court Dismisses Dogecoin Manipulation Claims Against Elon Musk and Tesla đš
In a significant legal victory, Elon Musk and Tesla have successfully dismissed a federal lawsuit accusing them of manipulating the price of Dogecoin. The lawsuit, filed by investors in June 2022, alleged that Musk used his influence through tweets and public appearances, including "Saturday Night Live," to manipulate Dogecoin's value for personal gain.
U.S. District Judge Alvin Hellerstein ruled that Muskâs tweets were âaspirational and puffery,â not factual statements that could be proven false. The court found that no reasonable investor could base a securities fraud claim on Muskâs tweets, leading to the dismissal of the $258 billion lawsuit.
Musk's legal team had earlier described the claims as a "fanciful work of fiction." This ruling marks a major win for Musk, reinforcing the idea that his public endorsements of Dogecoin were simply expressions of enthusiasm rather than attempts at market manipulation.
