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Tech billionaire and Tesla CEO Elon Musk has won a lawsuit dismissing a lawsuit that accused him and his electric car company of manipulating the price of Dogecoin, resulting in $258 billion in damages.
Judge Alvin Hellerstein dismissed the lawsuit on August 29. resolution In the United States District Court for the Southern District of New York.
Judge says no ‘reasonable’ investor would interpret Elon Musk’s tweets as sound investment advice
According to Judge Hellerstein, there were several “material misrepresentations” made in connection with Musk’s tweets. In some of the posts cited in the case, Musk said he would become Tesla’s chairman. Dogecoin The “literal” Dogecoin will be sent to the moon in a SpaceX spacecraft.
“These statements are ambitious and exaggerated, not realistic, and are subject to fraud,” Judge Hellerstein said, adding that “no reasonable investor could rely on them” for sound investment advice.
BREAKING: Elon Musk wins dismissal of lawsuit alleging he counterfeited Dogecoin, conducted insider trading pic.twitter.com/gET5lOPQIX
— WallStreetBets (@wallstreetbets) August 29, 2024
The lawsuit against Musk and Tesla was filed in June 2022 by a group of disgruntled investors who bought the largest cryptocurrency by market cap, Dogecoin. Musk is accused of driving up the price of the cryptocurrency “by more than 36,000% over two years and then letting it collapse.”
In the lawsuit, investors also alleged that the tech billionaire “used his position as the world’s richest man” to manipulate Dogecoin’s price and run a “pyramid scheme” for Dogecoin. Musk asked for the lawsuit to be dismissed on March 31, with his lawyers calling the claims and subsequent $258 billion in damages “a work of fiction.”
Dogecoin price barely reacts
in the past, price Dogecoin has seen strong moves after any Musk or Tesla related developments, given Musk’s reputation as the “Doge Father.” However, the meme coin has not moved much after the recent expulsion.
Data from CoinMarketCap Offers Dogecoin price is down less than 1% over the past 24 hours to trade at $0.1001 as of 1:53 AM ET.
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