Elon Musk and Tesla have successfully dismissed a lawsuit accusing them of manipulating the cryptocurrency dogecoin to defraud investors.
United States Judge Alvin Hellerstein in Manhattan ruled in favor of Musk and Tesla, dismissing claims brought by investors.
The plaintiff alleges that Musk's public statements and tweets about Dogecoin, including an appearance on 'Saturday Night Live' were used to artificially inflate the price of the cryptocurrency and resulted in substantial losses when the price subsequently fell.
Investors argued that Musk's tweets and comments were strategically made to influence the price of Dogecoin and allow him and Tesla to profit from the price fluctuations.
They sought $258 billion in damages but their complaint was dismissed, preventing them from refiling the case.
Judge Hellerstein stated that Musk's statement about dogecoin being Earth's future currency was considered "aspirational and foolish" and not concrete enough to constitute securities fraud.
Musk's legal team argued that his tweets were harmless and did not involve market manipulation.
Musk's lawyer, Alex Spiro, described the settlement as a positive outcome for Dogecoin.
This decision marks an important legal victory for Elon Musk and his company.
