Major victory for Elon Musk in the $258 billion Dogecoin market fraud case

The biggest impeachment against the head of the Department of Government Efficiency (DOGE) will soon end, at least according to the latest filing by lawyers on both sides.

In August 2024, Judge Hellerstein, who represented investors seeking $258 billion in payments, appealed the ruling, which sided with Tesla's CEO.

The case began in Remember that July 2022 is after the conclusion of the 2021 bull market. Musk has been accused of illegally interfering with DOGE's value, most notably when he praised the asset on NBC's Saturday Night Live, but also in several tweets on the matter.

Many of these interactions resulted in immediate price increases for the OG meme coin, including an all-time high of $0.73 tapped before the SNL show.

Plaintiff Keith Johnson filed a federal lawsuit in Lower Manhattan seeking $86 billion in damages from Tesla's CEO, as well as $172 billion in damages from DOGE's business through 2019.

In late August of this year, Mook won by dismissing the case of market manipulation, which the plaintiff's lawyers appealed. However, they withdrew that appeal, according to Thursday's filing, which Reuters reported earlier today.

In response, Musk and Tesla dropped a request to sanction the investors' lawyers for pursuing a “nonsensical” case to “exploit an instant manuscript.”

U.S. District Judge Alvin Hellerstein must now approve both requests before the case can be officially concluded.

Dogecoin's price has surged since Donald Trump won the US presidential election in 2024, possibly due to the earlier association between the meme coin and the incoming leader of DOGE. It more than doubled its price in a month to $0.44. However, it has since lost traction and is down to $0.36 at the time of writing.