The ongoing legal battle regarding Elon Musk’s connection with Dogecoin has come to an end, as investors have withdrawn their appeal. Indeed, the lawsuit had accused the Tesla CEO of manipulating the price of DOGE, accusing fraud and insider trading.
However, that has officially come to an end, with investors in the cryptocurrency withdrawing their appeal. Additionally, Musk and Tesla have withdrawn their motion to sanction the opposition legal team over the lawsuit. The case was previously dismissed on August 29th, when investors had sought to continue taking legal action against Musk.
JUST IN: Investors withdraw appeal and legal motion against Elon Musk, accusing him of rigging Dogecoin $DOGE and conducting insider trading. pic.twitter.com/gYQ7UPLWkf
— Watcher.Guru (@WatcherGuru) November 15, 2024
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Elon Musk Dogecoin Lawsuit Officially Ends After Appeal Withdrawal
There is no denying the connection between Elon Musk and Dogecoin. At one time, Musk had professed himself to be the ‘Dogefather,” while continually referencing the meme coin in various instances. Due to his undeniable status, that connection would incite price increases for the cryptocurrency.
That resulted in a legal battle, as investors alleged Musk manipulated the price of the token for his own personal gain. However, that battle has finally come to an end for Elon Musk, as investors have withdrawn their appeal to continue with the Dogecoin lawsuit, according to a report from The Economic Times.
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The motion dismissing the appeal was officially filed on Thursday in a Manhattan federal court. In the original suit, investors had alleged that Musk’s appearance on NBC’s Saturday Night Life’ was used to inflate the price of Dogecoin. Thereafter, they allege he would willingly do this to artificially inflate the price and profit off of the market’s interest.
In the original dismissal, US District Judge Alvin Hellerstein said investors could not provide reasonable proof of securities fraud. Moreover, Hellerstein noted he did not understand the market manipulation or insider trading claims made in the lawsuit. Indeed, the investor had sought $258 billion in the case that had lasted two years.