Court Dismisses $258 Billion Lawsuit Against Elon Musk Over Dogecoin Claims
Elon Musk and Tesla have successfully defended against a lawsuit alleging they manipulated Dogecoin’s price, which sought $258 billion in damages.
The lawsuit was dismissed on August 29 by Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York.
Judge Hellerstein found that Musk’s tweets about Dogecoin, including claims about becoming its CEO and sending a Dogecoin to the moon, were considered “aspirational” and not factual, thus not actionable for investors.
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The suit, filed in June 2022, claimed that Musk’s actions inflated Dogecoin’s value by over 36,000% and then led to its crash, labeling it a “Dogecoin Pyramid Scheme.”
Musk had previously argued that the lawsuit and its $258 billion claim were baseless, calling them a “fanciful work of fiction.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
