Elon Musk and Tesla, the electric automotive company, won the Dogecoin manipulation lawsuit on Thursday. A federal Judge dismissed the case filed against the industrialist by Dogecoin investors. The lawsuit alleged that Elon Musk manipulated the price of Dogecoin, causing the investors to lose $258 billion.
Mirage Promises
An official statement released by the federal Court stated that the “material misrepresentations” that Musk promised are “aspirational and puffery.” The Judge added in his ruling that “it is not possible to understand” the allegations made and that no reasonable investor would rely on them. Elon Musk proliferated Dogecoin and stated that it was people’s crypto and the future currency of the Earth. He added that he would be glad to be the CEO of Dogecoin and even make the meme coin to fly in his SpaceX.
Investors Lose $258 Billion
Noting the crypto investor’s promises, many Dogecoin investors invested in the meme coin; however, they shortly realized that the CEO of X had pulled a ‘pump and dump’ scheme on them. The ‘pump and dump’ scam involves extensively endorsing a product and abruptly ending the connection, in this case, Dogecoin.
Earlier, Musk played a fictitious crypto expert in a television show and demoted Dogecoin, resulting in the meme coin’s steep decline. Infuriated, the investors of Dogecoin filed a lawsuit against Elon Musk in June 2022, claiming $86 billion in damages and later tripling it to $258 billion.
Dogecoin Set to Become a Payment Option for Tesla Vehicles, Confirms Elon MuskMusk ‘Promotes’ Dogecoin through X
Dogecoin investors accused Musk of using his X followers to increase the price of the meme coin by 36K% over the last two years and crash it rapidly. Additionally, Musk was accused of selling the meme coin in April last year when he changed the X platform logo to the DOGE logo, which caused the price of the meme coin to shoot up by 30%.
