Elon Musk and Tesla Win Lawsuit

Elon Musk and his electric vehicle firm, Tesla, won a class action lawsuit in 2022 concerning allegations that Musk’s comments manipulated the market for Dogecoin (DOGE).

On Thursday, U.S. District Judge Alvin Hellerstein dismissed the lawsuit with prejudice, meaning it is permanently dismissed.

In June 2022, investors accused Musk and Tesla of defrauding them through a series of tweets regarding Dogecoin, claiming that Musk’s statements about becoming Dogecoin’s CEO and sending Dogecoin to the moon were misleading.

The lawsuit was filed in the Southern District of New York on behalf of a group of investors against Musk and his companies, Tesla and SpaceX.

Judge Hellerstein noted that the statements in question were “aspirational and puffery” rather than factual and could not reasonably be relied upon by investors.

He stated it was “not possible to understand” claims of market manipulation or of a “pump and dump” scheme, as well as allegations of insider trading.

Currently, Dogecoin, the ninth-largest cryptocurrency by market cap, has traded down 1.2% over the past 24 hours at approximately $0.1, with a market cap of $14.6 billion.