Elon Musk cleared of Doge price manipulation charges

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.

• Musk was alleged to have used his Twitter following and public appearances, including a 2021 “Saturday Night Live” performance, to influence Dogecoin’s price.
• Statements cited in the lawsuit include claims about becoming “Dogecoin’s CEO” and sending a “literal Dogecoin to the moon.”

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.