Yahya 
Elon Musk and Tesla have effectively prevailed in dismissing a $258 billion lawsuit alleging they controlled the price of Dogecoin. U.S. District Judge Alvin Hellerstein in the Southern District of New York dismissed the complaint August 29.
Claiming it was part of a “Dogecoin Pyramid Scheme” the complaint, brought by a group of June 2022 Dogecoin investors, claimed Musk and Tesla built up the price of Dogecoin by over 36,000% over two years, just to let it fall. Claiming $258 billion in damages, the plaintiffs accused Musk of leveraging his wealth as the wealthiest man in the world to control the bitcoin.
Judge Hellerstein decided that Musk’s comments about Dogecoin—including jokes about becoming its CEO and intentions to place a “literal” Dogecoin on a SpaceX vehicle—were aspirational and amounted to ” puffery,” not factual assertions. Since they were not easily falsifiable, he said, “no reasonable investor could rely upon them”.
Earlier this year, Musk had asked that the case be dropped; his attorneys had written of the allegations as a “fanciful work of fiction.” The court’s decision to throw out the lawsuit marks the end of the legal struggle attracting a lot of interest.
After the announcement of the firing, the price of Dogecoin was mostly unchanged and gained just 0.1% in the last 24 hours. Based on CoinGecko statistics, Dogecoin was trading at $0.10 at publishing, down 20% over the previous month.
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