NEW YORK: On Friday, a $258 billion Dogecoin class action lawsuit was dismissed against billionaire Elon Musk and his electric vehicle company, Tesla.
The lawsuit, which was filed in 2022, claimed that Musk’s remarks on Twitter—which is now owned by him and is known as X—manipulated the price of Dogecoin and hurt cryptocurrency investors.
The investors said that Musk had made false claims, citing Dogecoin as maybe his favorite cryptocurrency, the cryptocurrency of the people, and the Earth’s future medium of exchange.

According to court documents, Musk even put a real Dogecoin in SpaceX and said that Dogecoin would pay for the mission; furthermore, they cited claims that Dogecoin might become the standard for the global financial system and the currency of the internet. Additionally, they cited claims that Tesla vehicles could be purchased with Dogecoin.
Southern District of New York US District Judge Alvin K. Hellerstein ruled that the statements made were “aspirational and puffery, not factual and susceptible to being falsified.”

He said, “As for Musk and Tesla’s alleged ‘pump and dump’ scheme, it is not possible to understand the allegations that form the basis of Plaintiffs’ conclusion that there was insider trading, a breach of fiduciary duty, a ‘pump and dump’ scheme, or state law claims.”

In addition to triple damages of $172 billion, many plaintiffs who joined the class action complaint requested $86 billion in damages.

As the world’s richest person at the time, Elon Musk, frequently tweeted in support of Dogecoin, which was once an obscure cryptocurrency developed as a joke, the cryptocurrency quickly rose to the top 10 at the start of 2021.

As of Friday, it had a $14.7 billion market capitalization and was ranked eighth among crypto assets.