Elon Musk Beats Dogecoin Manipulation Lawsuit
30 Aug, 2024 ● Crypto News
Elon Musk and his electric vehicle company, Tesla, have successfully had a lawsuit dismissed that accused them of manipulating the price of Dogecoin, leading to $258 billion in damages.
The lawsuit was dismissed on August 29 by Judge Alvin Hellerstein of the United States District Court for the Southern District of New York.
Judge Hellerstein stated that the plaintiffs had misrepresented several of Musk’s tweets about Dogecoin, including Musk's remarks about becoming the official CEO of Dogecoin and possibly placing a “literal” Dogecoin on a SpaceX vehicle to send it to the moon.
Hellerstein commented:
“These statements are aspirational and puffery, not factual, and susceptible to being falsified [...] and no reasonable investor could rely upon them.”
In June 2022, a group of disgruntled Dogecoin investors filed a lawsuit against Musk and Tesla, seeking $258 billion in damages.
The investors accused Musk of inflating Dogecoin’s price “more than 36,000% over two years and then letting it crash.”
They also alleged that Musk had “used his pedestal as the World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme.”
On March 31, Musk requested the dismissal of the lawsuit, with his lawyers describing the claims and the $258 billion damages request as a “fanciful work of fiction” in a New York federal court.
Following news of the lawsuit's dismissal on August 29, the price of Dogecoin remained largely unchanged, gaining only 0.1% in the last 24 hours.
At the time of publication, Dogecoin is trading at $0.10 and has decreased by 20% over the past month, according to CoinGecko data.
Sources:
https://cointelegraph.com/news/elon-musk-tesla-win-dismissal-of-258-b-dogecoin-manipulation-lawsuit
