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Elon Musk and Tesla Win Dismissal of Dogecoin Manipulation Lawsuit

Scott Liu

Summary: A Manhattan judge has permanently dismissed a lawsuit that accused Elon Musk and Tesla of manipulating the price of Dogecoin (DOGE) through Musk's social media posts and public statements. The lawsuit, filed in 2022 by a group of investors, claimed that Musk used his influence on X (formerly Twitter) and appearances like his 2021 stint ...

A Manhattan judge has permanently dismissed a lawsuit that accused Elon Musk and Tesla of manipulating the price of Dogecoin (DOGE) through Musk's social media posts and public statements. The lawsuit, filed in 2022 by a group of investors, claimed that Musk used his influence on X (formerly Twitter) and appearances like his 2021 stint on "Saturday Night Live" to inflate the price of the memecoin for personal gain.

U.S. District Judge Alvin Hellerstein ruled that Musk's statements, such as his claims of becoming "Dogecoin's CEO" and plans to put "a literal Dogecoin in SpaceX and fly it to the moon," were merely "aspirational and puffery" rather than factual assertions. The judge concluded that no reasonable investor would rely on these statements as a basis for financial decisions. As a result, the lawsuit was dismissed with prejudice, meaning it cannot be refiled, and the case was officially closed.

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