The court has dismissed the lawsuit against Tesla CEO Elon Musk, which accused him of engaging in insider trading related to Dogecoin. This legal decision was rendered by U.S. District Judge Alvin Hellerstein in Manhattan, absolving Musk and his electric vehicle company, Tesla, of any wrongdoing in this case.

Elon Musk, often recognized as the world’s wealthiest individual, began showing his support for Dogecoin in 2020. His endorsement played a significant role in the cryptocurrency’s dramatic rise, culminating in a staggering 36,000% increase by mid-2021. During this period, Musk made it clear that both he and Tesla held Bitcoin, Ethereum, and Dogecoin. He also cautioned the public about the inherent volatility of cryptocurrencies, urging them to be mindful of the risks involved.

On August 29, 2024, Musk and Tesla successfully defended themselves against allegations that they had defrauded investors by promoting Dogecoin and engaging in insider trading activities, which supposedly led to billions of dollars in losses. Investors claimed that Musk leveraged his influential Twitter presence to post about Dogecoin and used his appearance on NBC’s “Saturday Night Live” in 2021 to further hype the cryptocurrency. They alleged that these actions were part of a strategy to trade profitably using several Dogecoin wallets controlled by Musk or Tesla.

Elon Musk’s enthusiasm for Dogecoin is well-documented. He has often praised the loyalty of dogs and the proof-of-work (PoW) technology underpinning Dogecoin. Musk has expressed his belief that Dogecoin has the potential to become the leading cryptocurrency for payments, provided that the innovative sector continues to thrive.

In 2021, Musk even pledged to support a space mission aimed at sending a Doge-themed satellite to the moon. However, this ambitious promise has not been revisited by Musk in subsequent discussions.

By early 2023, Musk’s focus had shifted away from the crypto sector towards artificial intelligence (AI) technology. He publicly acknowledged his reduced interest in cryptocurrencies and redirected his attention to AI innovations. Later that year, he launched a new AI chatbot designed to compete with OpenAI’s ChatGPT, further underscoring his commitment to advancing AI technology.

In summary, while Elon Musk’s engagement with Dogecoin and the broader cryptocurrency market has been substantial, his interests have evolved over time. The dismissal of the lawsuit signifies a legal victory for both Musk and Tesla, allowing them to continue their ventures without the overhang of these allegations.