Elon Musk, Tesla beat Dogecoin manipulation lawsuit

Elon Musk and Tesla Prevail in Dogecoin Lawsuit Dismissal

Elon Musk's electric car company, Tesla, recently won the dismissal of a lawsuit alleging that they manipulated the price of the cryptocurrency Dogecoin, resulting in $258 billion in damages.

US District Judge Alvin Hellerstein of the Southern District of New York's District Court dismissed the case on August 29.

Judge Hellerstein determined that the plaintiffs had presented "material misrepresentations" regarding Musk's public statements about Dogecoin. These included Musk's assertions that he would become Dogecoin's CEO and the possibility of a physical Dogecoin being launched into space via a SpaceX vehicle.

"These statements are aspirational and speculative, not factual, and no reasonable investor could rely on them for sound investment decisions," Hellerstein stated.

The lawsuit, filed in June 2022, alleged that Musk's statements caused Dogecoin's price to soar over 36,000% before its subsequent crash. The plaintiffs accused Musk of using his influence as the world's wealthiest individual to manipulate a "pyramid scheme."

Musk had previously requested the lawsuit's dismissal in March, characterizing the claims and $258 billion damage demand as "fictitious tales."

The dismissal news has not significantly impacted Dogecoin's price, which has remained relatively stable over the past 24 hours and currently trades around $0.10. However, it has experienced a 20% decline in the past month.