Published on augustus 30, 2024, 1:23 am
Image source: Fox News
```json [ "TLDR: US District Court Judge dismissed a lawsuit accusing Elon Musk and Tesla of manipulating Dogecoin's price, ruling that investors shouldn't base decisions on Musk's tweets. Lawsuit alleged Musk caused spike and crash in Dogecoin value, operating a Pyramid Scheme; Musk denied claims as 'fiction.' Dogecoin price saw 0.1% increase post-dismissal, currently at $0.10." ] ```
A US District Court Judge recently dismissed a lawsuit alleging that Elon Musk and Tesla manipulated the price of Dogecoin, resulting in $258 billion in damages. The judge ruled that no reasonable investor should base investment decisions on Musk’s tweets about Dogecoin. The lawsuit, filed by a group of disgruntled Dogecoin investors in June 2022, accused Musk of causing a significant increase in Dogecoin’s price followed by a crash. Among the allegations were claims that Musk operated and manipulated the Dogecoin Pyramid Scheme by leveraging his influence as the world’s richest man. Despite Musk requesting dismissal of the lawsuit earlier this year, referring to the claims as “a fanciful work of fiction,” Judge Hellerstein ultimately dismissed the case on August 29. Following the news of the dismissal, Dogecoin’s price remained steady with a slight 0.1% increase in the last 24 hours, currently trading at $0.10, but showing a 20% decrease over the past month according to CoinGecko data.
Original article posted by Fox News
