The legal battle between Dogecoin investors and Elon Musk, along with his company Tesla, has come to an end as the investors withdrew their appeal.
The case, which originally sought $258 billion in damages, accused Musk of manipulating Dogecoin’s price through tweets, public appearances, and statements like calling it the “future currency of Earth.”
In August, U.S. District Judge Alvin Hellerstein dismissed the lawsuit, stating that Musk’s comments, including his playful remarks about Dogecoin, could not reasonably be considered grounds for securities fraud or insider trading. The investors had argued that Musk’s actions artificially inflated Dogecoin’s value for personal gain.
Following the dismissal, both sides escalated the dispute by filing motions for sanctions. Investors accused Musk’s legal team of misconduct, while Musk countered by labeling the lawsuit as “frivolous.” This week, both parties agreed to withdraw these motions, and the case awaits final approval for dismissal by Judge Hellerstein.
The resolution closes a chapter in Musk’s controversial relationship with Dogecoin and the broader cryptocurrency space, where his influence often sparks both enthusiasm and volatility.
