Crypto Blog
Elon Musk, the CEO of Tesla Inc., has won the dismissal of a high-profile $258 billion lawsuit accusing him and his company of manipulating the price of Dogecoin , the popular meme-based cryptocurrency.
The plaintiffs claimed that Musk’s tweets and public endorsements of the meme coin drove its price up by more than 36,000% over two years before it eventually plummeted. The complainants had pointed to several of the 53-year-old’s tweets as evidence of material misrepresentations, including his declaration that he would become the “official CEO of Dogecoin” and his claim that he might put a “literal Dogecoin” on a SpaceX rocket and fly it to the moon.The investors also accused the tech billionaire and his electric car company of participating in a “pump and dump” scheme with the meme coin.
They maintained that his tweets, including statements like “Dogecoin Rulz” and “no highs, no lows, only Doge,” were too vague to support claims of fraud.
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