Musk Beats Suit Over Promoting Dogecoin ‘Pyramid Scheme’ (2)

Elon Musk and Tesla Inc. won dismissal of a lawsuit claiming they pumped up the price of the cryptocurrency Dogecoin into a $258 billion “pyramid scheme.”

Investors who lost tens of thousands of dollars investing in the token faulted Musk for promoting it to his millions of followers on Twitter (now X) with statements like “One word: Doge,” causing it to rise. Musk further inflated the price by announcing that Tesla would accept Dogecoin as payment for merchandise, according to the 2022 complaint.

A New York federal judge dismissed the claims on Thursday, finding that Musk’s statements were “aspirational” rather ...