Elon Musk wins lawsuit over Dogecoin

Elon Musk Would the price of the cryptocurrency Dogecoin have influenced on X, then Twitter. He was charged for this, but has now been acquitted.

Elon Musk was able to avert a lawsuit filed against him in June 2022. The case involved allegations of price manipulation of the cryptocurrency Dogecoin.

Musk had repeatedly posted tweets about Dogecoin on X, then Twitter, that caused large price movements. The accusation was that he deliberately influenced the price.

According to the suit, filed by private investors, Musk allegedly "inflated the stock price by more than 36,000 percent over two years only to have it collapse." $258 billion in damages were sought.

However, this charge has now been dismissed by a New York state court. The reason was that "not a reasonable investor" could base its investment decisions on Musk's Dogecoin tweets.

Moreover, the indictment contained several "material misstatements." For example, some of the Tesla chief's statements previously intended as a joke were construed as commitments.

Dogecoin seems unaffected by this. At the time of writing, the DOGE price is hovering around 10 cents, down one percent from the previous day.