2024-08-30
Elon Musk and Tesla won the dismissal of a lawsuit that accused them
of manipulating the price of Dogecoin.
The lawsuit, which sought $258 billion in damages, was dismissed by
U.S. District Judge Alvin Hellerstein on August 29, 2024.
The lawsuit, filed by a group of investors in 2022, alleged that
Musk and Tesla used social media to artificially inflate Dogecoin’s price,
causing significant losses when the price eventually dropped.
However, the court found that Musk’s statements were not actionable
as securities fraud.
