Elon Musk wins legal case against American Keith Johnson
- WBOYOriginal
- 2024-08-30 19:08:53951browse
It's been more than 2 years now, American Keith Johnson filed a complaint against Elon Musk and Teslaalleging market manipulation in Dogecoin (DOGE).
Elon Musk wins legal case over claims he manipulated Dogecoin price
Elon Musk has won a legal case over claims that he manipulated the price of Dogecoin (DOGE) with his tweets.
A group of investors had filed a complaint against Musk and Tesla, alleging that Musk’s statements about DOGE drove up its price artificially, causing them to lose money when the price later fell.
However, Judge Alvin K. Hellerstein dismissed the complaint, ruling that Musk’s statements were not specific enough to be used as the basis for a legal claim.
The judge also noted that Musk’s tweets about DOGE were often exaggerated or unverifiable, and that no reasonable investor would have relied on them when making investment decisions.
The investors had argued that Musk’s statements about DOGE, such as calling it his “favorite currency” and saying that he had purchased some for his son, were material facts that should have been disclosed to investors.
They also pointed to Musk’s tweets about the possibility of putting a “real” Dogecoin on a SpaceX rocket and sending it to the moon, and his statement that Tesla vehicles could be purchased with DOGE.
However, the judge dismissed these statements as “puffery” or “rhetorical hyperbole,” and said that they were not capable of influencing the market price of DOGE.
The investors could now be ordered to pay Musk’s legal costs.
DOGE was trading at $0.133, down 1.3% over 24 hours at the time of writing.
The above is the detailed content of Elon Musk wins legal case against American Keith Johnson. For more information, please follow other related articles on the PHP Chinese website!