U.S. District Judge Alvin Hellerstein stated that Musk’s tweets about dogecoin were 'aspirational and puffery,' indicating that they did not constitute factual claims.
Hellerstein emphasized that no reasonable investor could rely on Musk's tweets, which were deemed non-actionable and incapable of supporting a securities fraud claim.
Despite the investors' claims of market manipulation related to dogecoin's price fluctuations, Hellerstein found their case unconvincing and lacking in substantial evidence.
The lawsuit was dismissed with prejudice, meaning it cannot be refiled, marking a significant victory for Musk and Tesla over the allegations.
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