Elon Musk, the CEO of Tesla Inc., has won the dismissal of a high-profile $258 billion lawsuit accusing him and his company of manipulating the price of Dogecoin (DOGE), the popular meme-based cryptocurrency.<\/p>\n
On Thursday, U.S. District Judge Alvin Hellerstein ruled in favor of Musk and Tesla, dismissing the claims made by a group of disgruntled investors.<\/p>\n
The lawsuit, filed<\/a> in June 2022 by a group of Dogecoin holders, alleged<\/a> that Musk and his company used social media and public statements to artificially inflate the token\u2019s price, only to let it crash afterward, causing significant financial losses for them.<\/p>\n The plaintiffs claimed that Musk\u2019s tweets and public endorsements of the meme coin drove its price up by more than 36,000% over two years before it eventually plummeted.<\/p>\n Judge Hellerstein dismissed the accusations, ruling that the SpaceX CEO\u2019s statements were \u201caspirational\u201d and constituted \u201cpuffery\u201d rather than actionable claims. The judge also determined <\/a>that the statements were not \u201cfactual and susceptible to being falsified\u201d and that \u201cno reasonable investor could rely upon them\u201d as a basis for making investment decisions.<\/p>\n The complainants had pointed to several of the 53-year-old\u2019s tweets as evidence of material misrepresentations, including his declaration that he would become the \u201cofficial CEO of Dogecoin\u201d and his claim that he might put a \u201cliteral Dogecoin\u201d on a SpaceX rocket and fly it to the moon.<\/p>\n The investors also accused the tech billionaire and his electric car company of participating in a \u201cpump and dump\u201d scheme with the meme coin. However, the judge found that they failed to provide a clear and plausible explanation of how the two had engaged in such a situation.<\/p>\n \u201cIt is not possible to understand the allegations that form the basis of plaintiffs\u2019 conclusion of market manipulation,\u201d\u00a0 Hellerstein wrote in his decision.<\/p>\n According to a March 31 Reuters report, Musk\u2019s legal team had previously sought <\/a>to have the case dismissed, arguing that his accusers had not demonstrated how he intended to defraud anyone or what risks he had concealed.<\/p>\n They maintained that his tweets, including statements like \u201cDogecoin Rulz\u201d and \u201cno highs, no lows, only Doge,\u201d were too vague to support claims of fraud.<\/p>\n \u201cThere is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,\u201d his lawyers argued.<\/p>\n They added that the court should stop the plaintiffs\u2019 fantasy and dismiss the complaint.<\/p>\n The post Elon Musk Wins Dismissal of $258 Billion Dogecoin Manipulation Lawsuit<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Elon Musk, the CEO of Tesla Inc., has won the dismissal of a high-profile $258 billion lawsuit accusing him and his company of manipulating the price of Dogecoin (DOGE), the popular meme-based cryptocurrency. On Thursday, U.S. District Judge Alvin Hellerstein ruled in favor of Musk and Tesla, dismissing the claims made by a group of […]<\/p>\n","protected":false},"author":0,"featured_media":2210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2209"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2209"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2210"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Pump and Dump Allegations<\/h2>\n