Major Win for Elon Musk in $258 Billion Dogecoin Market Manipulation Lawsuit

The key lawsuit in opposition to the longer term chief of the Division of Authorities Effectivity (D.O.G.E) will finish quickly, at the least in accordance with the latest filings by each side’ legal professionals.

These representing the traders who sought a $258 billion payout withdrew their attraction from an earlier ruling by Choose Hellerstein, who sided with Tesla’s CEO in August 2024.

Recall that the lawsuit was initiated in July 2022 after the conclusion of the 2021 bull market. It alleged Musk of illegally interfering with DOGE’s value, particularly throughout an look on NBC’s Saturday Night time Stay the place he praised the asset, but in addition through his many tweets on the matter.

Most of these interactions resulted in immediate price increases for the OG meme coin, together with tapping an all-time excessive of over $0.73 earlier than the SNL present.

Plaintiff Keith Johnson filed the federal lawsuit in Decrease Manhattan, requesting $86 billion in damages from Tesla’s chief exec, and in addition $172 billion for losses incurred on DOGE trades since 2019.

Musk won a dismissal of the market manipulation case in late August this yr, which the plaintiff’s legal professionals appealed. Nonetheless, they’ve withdrawn that attraction, in accordance with a Thursday submitting reported by Reuters earlier immediately.

In response, Musk and Tesla withdrew their movement to sanction the traders’ legal professionals for pursuing a “frivolous” case to “extort a fast handout.”

US District Choose Alvin Hellerstein should approve each requests now earlier than the case is formally concluded.

Dogecoin’s value skyrocketed after Donald Trump’s win within the 2024 US presidential elections, maybe because of the aforementioned relationship between the meme coin and the longer term D.O.G.E chief. It greater than doubled its valuation inside a month and soared to $0.44. Nonetheless, it has misplaced traction since then and is all the way down to $0.36 as of writing these strains.