Elon Musk Wins $258B Dogecoin Lawsuit

Elon Musk, the head of Tesla, won a lawsuit where he was accused of unfairly changing the price of Dogecoin (DOGE). The case, which sought $258 billion in damages, was dismissed on August 29 by U.S. District Judge Alvin Hellerstein in New York. The lawsuit, filed in June 2022, was brought forward by a group of Dogecoin buyers who claimed that Musk used his fame as the richest person to create what they called a “Dogecoin Pyramid Scheme.” They argued that his actions caused Dogecoin’s price to rise quickly and then drop suddenly.

See Also: Dogecoin Transactions Hit New Record In 2024

Why Was Elon Musk Accused

The case pointed to Musk’s social media posts, claiming that his tweets had a strong effect on Dogecoin’s price. The buyers mentioned Musk’s claims of becoming Dogecoin’s CEO and his idea of sending a “literal” Dogecoin to the moon with SpaceX as examples of him manipulating the price. However, Judge Hellerstein did not agree with their argument. In his ruling, he said Musk’s tweets were more like jokes or exaggerated comments, not serious ones that could mislead people making money decisions. He explained that no reasonable person should take these tweets too seriously when deciding where to put their money.

This ruling came after Musk’s lawyers filed a motion in March, calling the lawsuit a “fanciful work of fiction.” They argued that the claims had no basis and that the large amount of money requested was not justified. Even though Musk won the case, Dogecoin’s price didn’t change much. The cryptocurrency saw a small rise of 0.1% in value over 24 hours, trading at $0.1004. Over the past month, Dogecoin’s price has dropped by 22%, according to CoinMarketCap.

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