The lawsuit, initially filed in June 2022, sought a staggering $258 billion in damages, alleging that Musk, Tesla, and initially SpaceX, had engaged in an illegal scheme to defraud Dogecoin investors. The plaintiffs pointed to the significant volatility of Dogecoin’s value and the alleged harm caused to investors as a result of Musk’s public endorsements.
Despite multiple amendments to the complaint, the court found that the plaintiffs failed to substantiate their claims, leading to the final dismissal of the case. Judge Hellerstein’s ruling effectively ends the litigation, marking a significant victory for Musk and Tesla.
The case, officially titled Colby Gorog et al. v. Elon Musk et al., had been closely watched due to its potential implications for how influential public figures interact with volatile financial markets on social media.
