A US District Court Judge dismissed the lawsuit, saying that “no reasonable investor” could rely on Musk’s Dogecoin tweets for investment decisions.
Elon Musk and his electric automotive company, Tesla, have won the dismissal of a lawsuit that accused them of manipulating the price of Dogecoin, causing $258 billion in damages.
The lawsuit was tossed in an Aug. 29 decision by US District Judge Alvin Hellerstein in the US District Court for the Southern District of New York.
Judge Hellerstein said the defendants made several “material misrepresentations” of Musk’s tweets about Dogecoin, which included Musk saying he would become the official CEO of Dogecoin and that Musk may put a “literal” Dogecoin in a SpaceX vehicle and fly it to the moon.
