Elon Musk will not pay $ 258 billion to promote Dogecoin cryptocurrency

A US district judge has dismissed a $ 258 billion lawsuit against Elon Musk and Tesla for promoting the Dogecoin cryptocurrency. The plaintiff, Keith Johnson, demanded compensation, accusing Musk of market manipulation and insider trading. The judge said that Musk’s tweets were ambitious but had no factual basis, and that no reasonable investor could rely on them.

The litigation has been ongoing since June 2022, when Johnson accused Musk, SpaceX, and Tesla of participating in the creation of the Dogecoin pyramid scheme. He tried to represent the interests of investors who had lost money on trading or investing in DOGE since April 2019. Musk’s lawyers called the claims a «witty fabrication» and emphasized that the entrepreneur’s tweets were not fraudulent.

Previously, Musk actively supported Dogecoin, offering to use it to pay for Twitter Blue subscriptions and sell Tesla products. In August 2024, Musk ironically responded to Donald Trump’s offer to join his team by posting his image with the inscription D.O.G.E.

Recently, we reported that the well-known cryptocurrency analyst Kaleo predicts that Dogecoin' s value will grow from 706% to 1512%. The likely bullish trend is related to the similar price activity that memecoin showed before the previous significant price hikes.