A US judge has dismissed the class action lawsuit accusing Elon Musk and his company Tesla of manipulating the Dogecoin (DOGE) market.
A group of disgruntled DOGE investors sued Musk in 2022, accusing the business mogul of orchestrating a pump-and-dump through a series of public comments about the popular memecoin.
Musk’s lawyers filed multiple motions to dismiss the lawsuit, and the Dogecoin investors responded by filing amended complaints.
That back-and-forth ended this week when District Judge Alvin K. Hellerstein sided with Musk’s legal team and closed the case.
Hellerstein drew attention to the specific quotes from Musk highlighted in the complaint, noting that he “failed to see” how Tesla’s CEO manipulated the market or facilitated a pump-and-dump.
“These paragraphs concern statements by Musk on ‘Twitter’ to the effect that Dogecoin could be his favorite currency and that he had bought some for his son, that Dogecoin is the people’s crypto and the future currency of the Earth, that Dogecoin could become the standard. for the global financial system and the currency of the internet, that Musk agreed to become CEO of Dogecoin, and that Musk could put a “literal” Dogecoin into SpaceX and fly it to the moon, and that Dogecoin would be for the mission pay that Tesla vehicles can be purchased with Dogecoin and the like.
These statements are ambitious and inflated, not factual and susceptible to falsification. They cannot be the basis of a 10b-5 lawsuit…and no reasonable investor could rely on them.”
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