The long-running legal battle between Elon Muck and a group of Dogecoin investors who accused him of manipulating the price of Dogecoin in 2023 has officially ended as they withdrew their appeal.
The case was previously dismissed, but the investors challenged the decision. They had originally asked for $258 billion in damages, accusing Musk and his company Tesla of fraud and insider trading.
The investors claimed Musk used his tweets, his “Saturday Night Live” appearance, and other public acts to manipulate the price of Dogecoin for his own profit.
Judge Hellerstein dismissed the case in August, saying Musk’s tweets weren’t enough to prove fraud. The judge also pointed out that statements like Musk calling Dogecoin the “future currency of Earth” and claiming it could be sent to the moon by his company SpaceX were not serious enough to be considered fraud.
The judge also said the investors’ claims of market manipulation and insider trading were not clear enough to prove any illegal actions.
After the case was dismissed, the investors tried to appeal the decision. They also asked the court to punish Musk’s legal team for allegedly interfering with the appeal process and asking for high legal fees.
Musk and Tesla, in turn, filed a motion to punish the investors’ lawyers for bringing a “frivolous” case with changing legal arguments.
However, on November 14, the investors decided to withdraw their appeal and also dropped their request to punish Musk’s lawyers. Both sides filed a statement in court to end the case, but it still needs approval from Judge Alvin Hellerstein in Manhattan.
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