Musk Beats Suit Over Promoting Dogecoin 'Pyramid Scheme'.

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  • Additional Information
    • Subject Terms:
      TESLA Inc. TSLA
    • Subject Terms:
      MUSK, Elon, 1971-
    • Abstract:
      Elon Musk and Tesla have successfully had a lawsuit dismissed that accused them of promoting Dogecoin as part of a pyramid scheme. The investors who lost money claimed that Musk's tweets about Dogecoin caused its price to increase, and that Tesla's announcement of accepting Dogecoin as payment further inflated the price. However, a judge ruled that Musk's statements were aspirational rather than factual, and that no reasonable investor could rely on them. The investors also accused Musk and Tesla of participating in a pump and dump scheme, but the judge found those allegations unclear. The plaintiffs plan to appeal the decision. Dogecoin is a cryptocurrency that originated from internet memes and features a picture of a Shiba Inu dog as its logo. [Extracted from the article]
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