Elon Musk and Tesla Secure Victory in Dogecoin Pyramid Scheme
The lawsuit accusing Elon Musk and Tesla Inc. fraudulently inflating the price of Dogecoin into a $258 billion pyramid scheme has been effectively dismissed. The investors said that Musk’s Twitter endorsement of Dogecoin caused its price to soar, which ultimately cost them money. The investors apparently lost large sums of money.
US District Judge Alvin Hellerstein of New York ruled that Musk’s remarks, which included the tweet “One word: Doge,” were aspirational rather than factual. The judge declared that these assertions could not have been relied upon by a reasonable investor to make investment decisions.
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The judge also rejected the investors’ accusations that Musk and Tesla were involved in a “pump and dump” plan, finding the accusations to be “not possible to understand.”
Evan Spencer, the plaintiffs’ attorney, expressed dismay over the dismissal and made plans to file an appeal, claiming that Musk’s remarks had a substantial impact and resulted in billions of dollars worth of losses.
Dogecoin, a cryptocurrency that originated as a meme, rose to prominence through social media and sponsorships, particularly from Elon Musk. As a result, it became well-known for its Shiba Inu dog logo.
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