A court in New York has dismissed a high-profile lawsuit against Tesla CEO Elon Musk, which alleged he manipulated the price of Dogecoin.
The lawsuit was filed in June 2022 by a group of disgruntled investors who claimed Musk's actions led to a meteoric rise and crash in the cryptocurrency's value. The plaintiffs sought $258 billion in damages.
In his ruling, Judge Alvin Hellerstein took issue with the plaintiffs' interpretation of Musk's social media activity. He stated that several of Musk's tweets about Dogecoin were mischaracterized by the complainants as factual statements.