A US court has dismissed a lawsuit filed against Elon Musk and Tesla by a group of investors accusing them of manipulating the price of Dogecoin.
Case Background
A group of investors filed a lawsuit against Elon Musk and his company Tesla in 2022, accusing them of manipulating the price of Dogecoin. The primary claim from the plaintiffs was that Musk used his social media influence and actions by Tesla to manipulate the cryptocurrency's price.
Reasons for Dismissal
Southern District Court of New York Judge Hellerstein dismissed the lawsuit, stating that Musk's statements were aspirational and puffery, not factual and investment-related.
Market Reaction
Despite analysts' expectations of a price rally in Dogecoin following the court decision, the token showed no significant price changes. According to CoinMarketCap, at the time of writing, DOGE was trading at $0.09998.
The court's decision has dismissed the allegations of market manipulation against Elon Musk and Tesla. Despite the ruling, Dogecoin showed no significant price changes.
Comments