A Manhattan judge has permanently dismissed a lawsuit claiming that Elon Musk and Tesla manipulated the price of Dogecoin (DOGE) through Musk's social media posts and public appearances.
U.S. District Judge Alvin Hellerstein ruled that Musk's statements about Dogecoin were "aspirational and puffery," not factual assertions that could mislead a reasonable investor.
The lawsuit, filed in 2022, accused Musk of using his influence on Twitter (now X) and a 2021 appearance on NBC's "Saturday Night Live" to drive up the price of the dog-themed cryptocurrency for his own gain. Some of the statements in question included Musk's claims to "become Dogecoin's CEO," to send a "literal Dogecoin to the moon" with SpaceX, and to suggest that Dogecoin might become the global financial standard.
Hellerstein concluded that these remarks were not actionable as they were not meant to be taken literally or as reliable investment advice. He granted the defendants' motion to dismiss the lawsuit with prejudice, closing the case.
