Bitcoin

🔥Elon Musk and Tesla successfully refuted the case that consultants committed fraud by inflating the value of Dogecoin and making internal transactions, causing billions of dollars in losses.

The plaintiffs were reported to have:
- During his 2021 appearance on NBC's "Saturday Night Live" and other promotional games, Musk offered to sell and profit through multiple Dogecoin wallets that he or Tesla controlled.

- They also claim that Musk tried to push the price of Dogecoin up more than 36,000% within 2 years and then to reduce the price, while he and Tesla regularly manipulated the price and profited based on Elon Musk's tweets.

The judge held that no advisor could reasonably consider trading decisions based solely on silly, vague, exaggerated or humorous online tweets. He also said that it is impossible to understand the consultants' workforce for market manipulation and insider trading because there is no evidence that Elon Musk or Tesla ever sold Dogecoin.

The court's decision sets a significant precedent for the relationship between social media influence and financial markets. It highlights the importance of relying on verified information rather than online hype for investment decisions. Elon Musk's impact on Dogecoin's value remains a subject of interest, but this ruling clarifies the limits of such influence.