{"id":570852,"date":"2024-08-30T06:17:16","date_gmt":"2024-08-30T06:17:16","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=570852"},"modified":"2024-08-30T06:17:16","modified_gmt":"2024-08-30T06:17:16","slug":"tesla-ceo-elon-musk-beats-dogecoin-manipulation-lawsuit","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/tesla-ceo-elon-musk-beats-dogecoin-manipulation-lawsuit","title":{"rendered":"Tesla CEO Elon Musk Beats Dogecoin Manipulation Lawsuit"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Tech billionaire and Tesla CEO Elon Musk has won the dismissal of a lawsuit that accused him and his electric automotive company of manipulating the price of Dogecoin, resulting in $258 billion in damages.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Judge Alvin Hellerstein tossed the lawsuit in an Aug. 29 <\/span><a href=\"https:\/\/assets2.pacermonitor.com\/filings\/Johnson_v_Musk_et_al\/Johnson_v_Musk_et_al__nysdce-22-05037__0113.0.pdf?X-Amz-Security-Token=IQoJb3JpZ2luX2VjEDcaCXVzLWVhc3QtMSJHMEUCIQC6qBmA9qFq18ZzXkAqLP5l4QMgpnGZjyxWX7ZqBtzQKwIgP%2BzYtes9VFXefOF8uEWtduqMQzmJUlDgtFuZPlGGO7UqsQUITxAEGgw5MjQ2NTE0MDgzOTgiDF79x1t7vshXTSo7eCqOBZF2ykxKk6tpY5viwCUbJB1wJaXtpJrx4KcYmuhrkPrQMkCBsm%2FPcnC5xEKnYaYHfQ8ABxud9oTARklHsoHMcwJnjOL2O0bV3sVjv000tNw3awaJJ9FfVxnjVRrv0WtSrV8OHjRopQf5Ll4JsXkvQD7%2BK5nlusWuYARLAMOLm00z5h1uj4m2wGbibIoxN7shkGcSZUDyZlp6OFcu7%2B8Zc3wsaU1vC%2Fsi%2FvGhqD45Ep%2FwKxP2lsv20mlTBmOGqIbc9%2FbJdkXJvCSV%2BFxH1%2Bkeep6dqjPf2OudiC6poItyltMEfMCtL0n7SZBe%2B2Xkr7LgZlDUR4u%2BcrptJvRBJs%2BG23OoT7BzlVzCCEy6wYVZsIb2KgltmJCGLTqoQkqDuV6c2Dz%2BpXemtx3GV3rFesOG9ReMJ%2BtDvK7uMtDO7JTAMbdJqf8a8tFccOZZMnBgaFpJaHdnknEQwsRlQjWdm7As3VCa7XI9oQeNyAgjkqvBpabK3ZJcs%2B%2Fek%2BoBgpLAhwSsNuYU1QLRxVx0CdbmoJW20D2uZgWuo4yvj6b9va9N8npzID2eJqUuyacOsxgmHc5Wg8TJzpHy92KhisAIfT1CFHY19k%2FNEs788FLEwllkaJw2ig%2F2qPlKQDhp1dkQwDdSyD4oWcGz52Jy4CHSEp0Eyo2fy4jq%2BQ0QsT6JMd0Qn8nvMsBOFrpiV7rThtFkfWlagN4pT4rusyggxl8K0BpiqfD5xlAoG%2FHreeI%2B3N196%2BCvfLZ%2FiI49uqmqqsg6u%2FTOPUyBlqZCcUhDY5qeQ0olLYVMxmKO%2Ffh%2BB4TruZ7slj4T7SACH3BJRyH5r375kqq0xDEWCTxRCs%2BEzaQowQyzRRNnFFLTmn0cgJunOvqU4TD048O2BjqxAVBFVa1waJRuP6Gj76Fk5Mge0G8hq1%2FZtu7jWMmK2rvT8PjvoOs8J2cSI3ncKdDRQ4p3C2odMS4HkN7%2FZq6LE7f%2B1KtEF0dR%2FSssHNmy3dX0Zf%2FPadRy3uhx6KPhkW7Th3sTKx1QZ6YFthJnnunym2nTXlo2aIOcaK0Jb2L2MnGOs0osmXITKdVa5ACfesvGWpdXU%2FBXXzGxF75%2FdebFYqtm%2F6aVNYRmIUaUBmw3k8vltA%3D%3D&amp;X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Date=20240829T235834Z&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Expires=599&amp;X-Amz-Credential=ASIA5OSMEZQHODUGHYCD%2F20240829%2Fus-east-1%2Fs3%2Faws4_request&amp;X-Amz-Signature=0a3095e249b95a53412114377a9024e4e14bcb62501ebedda00059ca9f488019\"><span style=\"font-weight: 400\">decision<\/span><\/a><span style=\"font-weight: 400\"> in the US District Court for the Southern District of New York.<\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.investopedia.com\/thmb\/XJDLdvCuNbcWk_EVZzXx84ae82c=\/1500x0\/filters:no_upscale():max_bytes(150000):strip_icc()\/GettyImages-1258889149-1f50bb87f9d54dca87813923f12ac94b.jpg\" alt=\"Who Is Elon Musk?\"><\/p>\n<h2><span style=\"font-weight: 400\">Judge Says No &ldquo;Reasonable&rdquo; Investor Would Interpret Tweets By Elon Musk As Sound Investment Advice<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Several &ldquo;material misrepresentations&rdquo; were made regarding Musk&rsquo;s tweets, according to Judge Hellerstein. In some of the posts mentioned in the case, Musk said that he would become the president of <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/elon-musk-dogecoin-joke-fails-to-ignite-doge-price-as-donald-trump-considers-tesla-titan-for-public-office\"><span style=\"font-weight: 400\">Dogecoin<\/span><\/a><span style=\"font-weight: 400\"> and would send a &ldquo;literal&rdquo; Dogecoin to the moon in a SpaceX vehicle.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&ldquo;These statements are aspirational and puffery, not factual, and susceptible to being falsified,&rdquo; said Judge Hellerstein. &ldquo;No reasonable investor could rely upon them&rdquo; for sound investment advice, Judge Hellerstein added.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: Elon Musk wins dismissal of lawsuit claiming he had rigged Dogecoin and conducted insider trading <a href=\"https:\/\/t.co\/gET5lOPQIX\">pic.twitter.com\/gET5lOPQIX<\/a><\/p>\n<p>&mdash; wallstreetbets (@wallstreetbets) <a href=\"https:\/\/twitter.com\/wallstreetbets\/status\/1829296723384230116?ref_src=twsrc%5Etfw\">August 29, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">The lawsuit against Musk and Tesla was filed in June 2022 by a group of disgruntled investors who had bought into the largest meme coin by market cap, Dogecoin. Musk was accused of driving up the crypto&rsquo;s price &ldquo;more than 36,000% over two years and then letting it crash.&rdquo;<\/span><\/p>\n<p><span style=\"font-weight: 400\">In the lawsuit, the investors also claimed that the tech billionaire &ldquo;used his pedestal as the world&rsquo;s richest man&rdquo; to manipulate Dogecoin&rsquo;s price and operate a DOGE &ldquo;pyramid scheme.&rdquo; Musk requested that the lawsuit be dismissed on March 31, with his lawyers calling the claims and subsequent request for the $258 billion in damages &ldquo;fanciful work of fiction.&rdquo;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Dogecoin Price Barely Reacts<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In the past, the <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/dogecoin-doge-price-analysis-for-today-august-22-doge-technical-analysis\"><span style=\"font-weight: 400\">price<\/span><\/a><span style=\"font-weight: 400\"> of Dogecoin has undergone strong movements following any Musk or Tesla related developments, given Musk&rsquo;s reputation as the &ldquo;Doge Father.&rdquo; However, the meme coin hardly moved following the recent dismissal.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Data from CoinMarketCap <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/dogecoin\/\"><span style=\"font-weight: 400\">shows<\/span><\/a><span style=\"font-weight: 400\"> that the Dogecoin price slipped less than 1% over the last 24 hours to trade at $0.1001 as of 1:53 a.m. EST.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">Related Articles:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.linkedin.com\/pulse\/upcoming-crypto-presales-unlock-early-investment-calsona-plu5e\/\"><span style=\"font-weight: 400\">Upcoming Crypto Presales: Unlock Early Investment Opportunities!&nbsp;<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/whales-offload-1-16-trillion-pepe-as-pepe-unchained-raises-11-million-in-ico\"><span style=\"font-weight: 400\">Whales Offload 1.16 Trillion $PEPE As Pepe Unchained Raises $11 Million In ICO<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/insidebitcoins.com\/news\/pepefork-price-prediction-pork-soars-37-as-this-layer-2-alternative-rockets-past-11-million\"><span style=\"font-weight: 400\">PepeFork Price Prediction: PORK Soars 37% As This Layer-2 Alternative Rockets Past $11 Million<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Most Searched Crypto Launch - 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