Investors sued Musk and Tesla in 2022, saying he drove Dogecoin up with posts and an appearance on Saturday Night Live and then profited. On 29 August 2024, U.S. District Judge Alvin Hellerstein in Manhattan dismissed the case, finding Musk’s statements were puffery, not facts a reasonable investor could rely on. The plaintiffs later withdrew their appeal. [1]
The dismissed suit
Why a judge said the posts were not fraud.
What we can’t tell you. The ruling does not say the posts had no effect on the price.
The sources
- Reuters: Musk and Tesla win dismissal of lawsuit claiming they rigged Dogecoin, 29 August 2024 ↗
The judge called his posts puffery, not actionable fraud.
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