- A Manhattan judge permanently dismissed a lawsuit that alleged Elon Musk and Tesla manipulated the price of dogecoin (DOGE) by exploiting Musk’s social media influence and public statements.Judge Alvin Hellerstein said Musk’s statements about dogecoin were “aspirational and puffery,” not factual claims, and thus, no reasonable investor would rely on them.
On Thursday evening, U.S. District Judge Alvin Hellerstein made a ruling regarding the case. Last year, some investors claimed that Elon Musk manipulated the price of Dogecoin using his Twitter influence and an appearance on NBC’s “Saturday Night Live,” among other instances, in order to profit from his alleged Dogecoin holdings at their expense in 2021.
Among the remarks Musk made in that court case were assertions such as:
According to Hellerstein, the statements were more like ambitious promises or boasting, rather than facts that could be proven true or false. He further explained that no rational investor would base their decisions on such statements.
In simpler terms, Judge Hellerstein has decided to accept the defendants’ request to throw out the Fourth Amended Complaint permanently. The court clerk should record a judgment in favor of the defendants, charge them with costs, dismiss the Fourth Amended Complaint for good, end all outstanding motions, and officially close the case.
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2024-08-30 12:40