Musk and Tesla successfully dismiss lawsuit accusing of manipulating Dogecoin prices

Tesla, an American electric vehicle and solar panel company, and its CEO Elon Musk have successfully dismissed a lawsuit accusing them of manipulating the price of Dogecoin. The lawsuit claims that they deceived investors by speculating on Dogecoin and engaging in insider trading, resulting in a loss of $258 billion.

A group of dissatisfied Dogecoin investors filed a lawsuit against Musk and Tesla in June 2022, accusing Musk of pushing up the price of Dogecoin by "over 36000% over two years and then letting it collapse." They also claimed that Musk used his position as the world's richest man to operate and manipulate the Dogecoin Pyramid Scheme.

On March 31st, Musk requested the dismissal of the lawsuit, and his lawyer described these allegations and $258 billion in compensation claims as "fictitious works of imagination" in Manhattan federal court. The lawsuit was dismissed by Judge Alvin Hellenstein on Thursday (29th).

Judge Hellenstein stated that the plaintiff accused Musk of making multiple "substantial false statements" in his tweets about Dogecoin, including Musk's claim that he would become the official CEO of Dogecoin and the possibility that Musk would put a "literal" Dogecoin into SpaceX's spacecraft and send it to the moon.

The judge believes that these statements are ambitious and exaggerated statements, rather than facts, and are easily falsified, stating that 'irrational investors' will rely on Musk's tweets to make investment decisions.

The price of DOGE did not fluctuate significantly after the news of the lawsuit being rejected, and the trading price before the deadline was about 0.1 US dollars.

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