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Tesla and Elon Musk win $258 billion Dogecoin manipulation lawsuit
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Elon Musk, alongside his electric vehicle company Tesla, has successfully seen off a federal lawsuit accusing them of manipulating the price of Dogecoin, a cryptocurrency.
US District Judge Alvin Hellerstein delivered the ruling in Manhattan on 29th August, bringing an end to the legal challenge that began in June 2022.
Allegations of Market Manipulation
The plaintiffs, investors in Dogecoin, claimed that Musk used his considerable influence, particularly through Twitter, to manipulate the cryptocurrency's price for personal gain. Examples cited included Musk’s Twitter posts, his appearance on “Saturday Night Live,” and other promotional stunts. It was alleged that Musk timed his sales of Dogecoin to coincide with these actions, supposedly profiting from insider knowledge.
The lawsuit also contended that Musk’s endorsements and statements about Dogecoin were misleading, arguing that they amounted to mere “puffery” rather than factual assertions. The plaintiffs sought damages of $258 billion, blaming Musk’s influence for a significant drop in the cryptocurrency’s value.
Judge's Ruling on Musk’s Tweets
However, Judge Hellerstein dismissed these claims, noting that the investors had misinterpreted several of Musk’s tweets, including his tongue-in-cheek declaration of becoming Dogecoin’s CEO and his proposal to send a physical Dogecoin to the moon via a SpaceX vehicle.
The judge characterised these tweets as “aspirational and puffery,” rather than statements that could be proven false. Hellerstein concluded that no reasonable investor could base a securities fraud claim on these tweets, leading to the dismissal of the lawsuit.
Dogecoin price changes
Dogecoin showed a minor decline of 0.95%, trading around $0.10 after the ruling.
Dogecoin price source：coinmarketcap
related reading：The price of Dogecoin plummeted 15%, and Musk promptly stood up to support Dogecoin
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