A federal judge threw out a $258 billion lawsuit that had accused Elon Musk of orchestrating a racketeering scheme to manipulate the price of Dogecoin, a win for the billionaire in a high-stakes legal fight.<\/p>\n
The class action suit, according to a Reuters report<\/a>, first filed in June 2022, has had a long and circuitous history, until its final arguments before Manhattan District Judge Alvin Hellerstein on August 30, 2024.\n<\/p>\n One Keith Johnson filed a class-action complaint against Musk alleging that his constant support of Dogecoin set off a rocketing price frenzy followed by a dizzying drop that cost many investors much.<\/p>\n Judge Hellerstein reasoned that allegations against Musk were unfounded and characterized Musk\u2019s remarks about Dogecoin<\/a> as \u201caspirational puffery.\u201d<\/p>\n In other words, the judge claimed that Musk\u2019s publicly published comments and tweets were more about hype than actual hard data.<\/p>\n The class-action lawsuit<\/a> claimed that Musk operated a \u201cpump and dump\u201d scheme by inflating the value of Dogecoin using his social media profile and then selling his interest to turn a profit.<\/p>\n The judge did, however, note that the claims were light on information and nebulous in nature, not supported by the relevant detail necessary to move forward with such a suit.<\/p>\n Elon Musk and Tesla have won a major legal battle as a federal judge dismisses the $258 billion lawsuit accusing them of manipulating Dogecoin. #ElonMusk<\/a> #Tesla<\/a> #Dogecoin<\/a> #CryptoLawsuit<\/a> #CourtRuling<\/a> #DogecoinSurge<\/a>https:\/\/t.co\/qlSVsQX6q7<\/a> pic.twitter.com\/HWI5RAscdy<\/a><\/p>\nDecision Of The Court<\/strong><\/h2>\n