U.S. District Judge Alvin Hellerstein has ruled that Elon Musk and Tesla are not guilty in a lawsuit alleging Dogecoin (DOGE) price manipulation and insider trading, which resulted in billions of dollars in losses.
The lawsuit began in June 2022, when a group of investors accused Musk of using tweets on Twitter (now X) and other publicity stunts to profit through several DOGE wallets allegedly controlled by him or Tesla.
The investors claimed that Musk intentionally drove DOGE prices up by more than 36,000% over two years and then allowed them to crash, with both Musk and Tesla allegedly making trades based on Musk’s public statements and activities related to DOGE.
In their lawsuit, the investors sought $258 billion in damages, equivalent to IDR 3,997 trillion.
According to a Reuters report on August 30, Judge Hellerstein stated that Musk’s tweets, which referred to DOGE as the currency of the future and suggested it could be used to purchase Tesla or SpaceX products, were “aspirational and exaggerated, not statements of fact that could be verified.”
Judge Hellerstein emphasized that no investor could rely on those tweets as grounds to claim securities fraud. He also mentioned that the market manipulation and insider trading claims made by the investors were incomprehensible.
Ultimately, Judge Hellerstein dismissed the claims, and the lawsuit cannot be refiled. The investors had previously amended their lawsuit four times over the past two years.
Dogecoin’s Price Remains Unchanged
Despite the news of Musk’s legal victory, which was expected to catalyze a rise in Dogecoin’s (DOGE) price, data from CoinMarketCap shows that the meme coin’s price remained stagnant around $0.100. In fact, DOGE experienced a drop from $0.102 to $0.098 within just three hours.
Dogecoin has frequently been a topic of discussion for Musk on Twitter since 2021, often causing the price of Dogecoin to spike sharply.
One significant moment for DOGE holders occurred in April 2023, when Musk replaced the Twitter logo with the DOGE logo on the desktop interface, causing DOGE’s price to soar by 36%, reaching $0.104.
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