Elon Musk just steered clear of a huge legal battle. A U.S. judge tossed away a $258 billion lawsuit accusing Musk and Tesla of influencing Dogecoin.
The lawsuit, filed by investors in June 2022, just cleared up in 2024. The lawsuit claimed Musk was manipulating his twitter following to pump up Dogecoin prices (it spiked over 36,000%) and then let it crash. This manipulation was named “Dogecoin Pyramid Scheme,” pointing to tweets where Musk joked about being Dogecoin’s CEO and even sending it Mars via SpaceX.
On august 29, Chief Judge Alvin Hellerstein stated that Musk’s tweets to be jokes and not financial advice. He cleared it out saying no reasonable investor would take them seriously.
Musk’s lawyers called the claims pure fantasy and the judged agreed and dismissed the case.
