The federal court has dismissed the lawsuit against Tesla CEO Elon Musk regarding his alleged role in insider trading of Dogecoin. Musk, known for being the wealthiest individual globally, began endorsing Dogecoin in 2020. By mid-2021, Dogecoin experienced an astronomical surge of 36,000%. During this period, Musk clarified that he and Tesla held Bitcoin, Ethereum, and Dogecoin but advised caution due to the inherent volatility of cryptocurrencies.

On August 29, 2024, Musk and Tesla secured a legal victory when a federal lawsuit accusing them of defrauding investors was dismissed. The plaintiffs claimed that Musk manipulated Dogecoin prices through his social media influence and public appearances, such as his 2021 stint on NBC’s “Saturday Night Live,” to engage in profitable trading via several Dogecoin wallets controlled by him or Tesla. This ruling was handed down by U.S. District Judge Alvin Hellerstein in Manhattan.

Musk has always been an enthusiastic supporter of Dogecoin and an admirer of dogs. He has praised the loyalty of dogs and the proof-of-work (PoW) technology underlying Dogecoin. Musk believes that if the cryptocurrency sector continues to evolve, Dogecoin could become the premier digital currency for payments.

In 2021, Musk pledged to back a space mission that would send a satellite named “Doge-1” to the moon, though he hasn’t revisited this ambitious project since. By early 2023, Musk announced a shift in his interests from cryptocurrency to artificial intelligence (AI). Later that year, he launched a new AI chatbot, aiming to rival OpenAI’s ChatGPT, marking his significant pivot towards AI technology.

This development highlights Musk’s dynamic influence in both the cryptocurrency and AI sectors, demonstrating his ability to drive market trends and innovation.