A lawsuit accusing Elon Musk and his electric car startup, Tesla, allegedly manipulating the price of Dogecoin and causing losses of $258 billion has been dismissed.
Judge Alvin Hellerstein of the United States District Court for the Southern District of New York dismissed the complaint on August 29.
Hellerstein said that the defendants had falsified a number of Musk's tweets concerning Dogecoin, including his claims that he would take on the role of formal CEO and that he may place a "literal" Dogecoin inside a SpaceX rocket and launch it to the moon.
A group of irate Dogecoin investors sued Tesla and Musk in June 2022, claiming they were entitled to an astounding $258 billion in damages.
Dogecoin's price increased by "more than 36,000% over two years," according to the investors, who then said Musk should have let it fall. Additionally, they asserted that Musk had "managed and operated the Dogecoin Pyramid Scheme using his pedestal as the richest man in the world."
On March 31, Musk filed a motion to have the case dismissed. In a federal court in New York, his attorneys called the allegations and the $258 billion damages demand a "fanciful work of fiction."
After hearing of the termination on August 29, the price of Dogecoin did not move; it had only increased by 0.1% on the previous day. According to CoinGecko statistics, Dogecoin is now trading for $0.10 and has decreased 20% over the past month.
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