A judge has dismissed a lawsuit accusing Elon Musk manipulating the price of doge by leveraging Musk's public presence.
Author: Sahil Thakur
Written On: Sat, 31 Aug 2024 08:48:14 GMT
A Manhattan judge has permanently dismissed a lawsuit accusing Elon Musk and Tesla of manipulating the price of Dogecoin (DOGE) by leveraging Musk’s social media presence and public statements. U.S. District Judge Alvin Hellerstein ruled that Musk’s comments about Dogecoin were “aspirational and puffery,” rather than factual claims, making them unreliable for reasonable investors.
Hellerstein concluded that these statements were not actionable as they were not factual and couldn’t be reasonably relied upon by investors. As a result, the judge granted the defendants’ motion to dismiss the Fourth Amended Complaint with prejudice, effectively closing the case.
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