Federal Court Dismisses Dogecoin Lawsuit Filed Against Elon Musk

On Aug 30, 2024

The court judges dismissed the lawsuit filed against Tesla CEO Elon Musk over his alleged involvement in Dogecoin insider trading.

Elon Musk is the richest personality. In 2020, he started supporting Dogecoin. In mid-2021, Dogecoin surged by 36,000%. At the time, Musk clarified that he and his company held Bitcoin, Ethereum, and Dogecoin, but he suggested people remain aware of the volatility of cryptocurrencies.

On 29 Aug 2024, Elon Musk and his electric vehicle company Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping the cryptocurrency Dogecoin and conducting insider trading, causing billions of dollars of losses. The decision was issued on Thursday night by U.S. District Judge Alvin Hellerstein in Manhattan.

According to Reuters, a U.S. federal court dismissed a lawsuit against Elon Musk and his company Tesla, which accused them of defrauding investors by exaggerating the value of Dogecoin and insider trading, resulting in billions of dollars in losses. Manhattan District Judge Alvin…
— Wu Blockchain (@WuBlockchain) August 30, 2024

Through the lawsuit, investors accused Elon Musk of using his influence on Twitter by posting about Dogecoin, a 2021 appearance on NBC’s “Saturday Night Live” to praise Dogecoin, and other publicity stunts to trade profitably at their expense through several Dogecoin wallets that he or Tesla controlled.

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Elon Musk and His Shifting Interests

There is no doubt that Musk is a fan of Dogecoin and dog pets. In the past, he has often talked about the loyalty of dogs and the proof-of-work (PoW) technology of Dogecoin cryptocurrency. Musk has said that he believes Dogecoin will be the best cryptocurrency for payments in the future, if this innovative sector continues to exist.

It is worth noting that in 2021, Musk promised to back a space mission to send a Doge-satellite to the moon, but after that, Musk never talked about this matter again.

In early 2023, Musk confirmed that his interest in the crypto sector had reduced, and he was now more interested in artificial intelligence (AI) technology. Later in the same year, he established a new AI chatbot to create a significant competition against OpenAI’s ChatGPT.