On Tuesday, President-elect Donald Trump picked Musk and biotechnology company founder Vivek Ramaswany to lead a new Department of Government Efficiency, whose acronym echoes dogecoin's name. The case is Gorog et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

Dogecoin investors who said Musk and his company Tesla committed fraud and insider trading are withdrawing their appeal from an August 29 dismissal of their case.

Elon Musk is backing Donald Trump’s transition co-chair Howard Lutnick to lead the Treasury Department, touting the billionaire CEO of Cantor Fitzgerald as a potential secretary who “will actually enact change” from the most powerful economic post in Trump’s cabinet.

It already looks like Elon Musk’s planned “outside of government” group is going to benefit his social media platform, X.