A class-action lawsuit was filed in 2022. The plaintiffs sought $258 billion in damages. A judge ruled that Musk's posts were “aspirational and bloated.”
Elon Musk and Tesla get a June 2022 layoff claim Accused of defrauding investors by pumping and then dumping the Dogecoin cryptocurrency, causing investor losses.
The plaintiffs are seeking $258 billion in damages, alleging that Musk inflated Dogecoin's price by more than 36,000% and then allowed it to crash.
Alleging a class-action lawsuit, Musk posted statements on Twitter, now X, “Dogecoin is the people's crypto and the future currency of the earth, Dogecoin can become the standard for the global economy and internet currency. Musk agreed to become CEO of Dogecoin,” among other actions mentioned in the lawsuit.
On Thursday night, US District Judge Alvin Hellerstein in Manhattan dismissed the case permanently, writing:
“These statements are wishful thinking and inflated, not factual and likely to be misrepresented.”
No reasonable investor can rely on them.
He said:
“As for Musk and Tesla's alleged 'pump and dump' scheme, the allegations underlying plaintiffs' conclusion of market manipulation cannot be construed.”
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In October 2022, Dogecoin X was up more than 70% when Musk finalized his purchase of Twitter.
More recently, in April 2023, changing the X logo to the image of Kabosu, the Shiba dog in the Dogcoin logo, Raised the price by more than 30%.
Still, times seem to be changing.
Last week when Musk promoted Dogecoin with a joking reference to X as the head of the “Department of Government Efficiency” or DOGE for short, the coin's price only rose 5%.
Dogecoin is up 0.06% today at $0.1012.
Crypto market movers
Bitcoin is down 0.2% today at $59,568. Ethereum is down 0.9% to $2,526 today.
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