Business
Saturday Night Live, tweets and a racketeering lawsuit
RECORD / AT A GLANCE
Lawsuit dismissed August 2024
His posts moved the coin’s price; that is documented. A court found that was not fraud.
THE EVENTS / THE INVESTIGATION / THE STORY
2019–2021
Musk repeatedly promotes Dogecoin, including on Saturday Night Live.
2022
Investors sue, alleging a racketeering scheme.
29 Aug 2024
Judge Alvin Hellerstein dismisses the case.
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A federal judge dismissed the investors’ suit in 2024, calling his statements puffery; they withdrew their appeal.
Who says it: Investors.
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The judge called his posts puffery, not actionable fraud.
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Why a judge said the posts were not fraud.
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]
What we can’t tell you. The ruling does not say the posts had no effect on the price.
The judge called his posts puffery, not actionable fraud.
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