Elon Musk and Tesla Win Dogecoin (DOGE) Lawsuit!

Elon Musk and Tesla Prevail in Dogecoin (DOGE) Lawsuit

A federal lawsuit alleging that Elon Musk and Tesla defrauded investors by manipulating Dogecoin (DOGE) and engaging in insider trading has been dismissed by a US Federal Court, according to Reuters.

The lawsuit sought $258 billion in damages, accusing Musk and Tesla of using social media posts, television appearances, and other publicity stunts to artificially inflate the price of DOGE by over 36,000%. It also alleged that Musk profited from the volatility in DOGE's price through controlled wallets.

However, Musk's lawyers argued that his tweets about Dogecoin were not misleading and that there was no evidence linking him to questionable wallets or confirming his sales of DOGE.

Judge Alvin Hellerstein found that the plaintiffs failed to provide sufficient evidence to support their claims of fraud or that Musk's statements on social media were intended to deceive investors. He dismissed the case, stating that no reasonable investor would rely on Musk's Dogecoin tweets to make investment decisions.

"The accusatory statements in the lawsuit are untrue, exaggerated, and subject to distortion," the judge said. "No reasonable investor can trust Musk's tweets."

The dismissal of the lawsuit had little impact on DOGE's price, which remains at $0.0999 at the time of writing. It has declined by 6.7% in the last seven days and 0.7% in the last 24 hours.

Disclaimer: This information is not intended as investment advice.