“Our statements about Dogecoin were aspirational, not factual,” said a federal judge in New York who is overseeing the case against Elon Musk and Tesla. The judge ruled that Musk’s statements could not have been relied upon by a reasonable investor as a basis for investment.

Investors, who lost significant amounts of money investing in Dogecoin, accused Musk of driving up the token’s price by making statements on Twitter and announcing that Tesla would accept Dogecoin as payment for merchandise. However, the judge also noted that the accusations of Musk and Tesla’s involvement in a “pump and dump” scheme were not sufficiently specific.

“We are disappointed with the court’s decision and intend to appeal,” commented the plaintiffs’ lawyer, adding that “Musk’s statements have caused damage to millions of investors.”

The legal proceedings in the Johnson v. Musk case will continue in the appellate court, but for now, Musk and Tesla are cleared of allegations of creating a cryptocurrency-based pyramid scheme.