$258 Billion Lawsuit Against Elon Musk Ends After Investors Withdraw Appeal

Investors Withdraw Appeal in $258 Billion Lawsuit Against Musk Over Dogecoin Allegations

November 16, 2024 at 12:52 PM GST | Updated: November 16, 2024 at 12:54 PM | 2 mins read

In a significant development, investors have withdrawn their appeal in a $258 billion lawsuit against Elon Musk over allegations of Dogecoin market manipulation.

The legal battle, which had accused Musk of influencing Dogecoin's value through public statements, has now concluded with the withdrawal of all pending motions. The resolution is subject to the approval of Judge Alvin Hellerstein.

Dismissal of Case and Appeal

Initially filed in August 2022, the lawsuit alleged that Musk's tweets, TV appearances, and other statements misled investors. However, Judge Hellerstein dismissed the case, stating that Musk's remarks were aspirational rather than fraudulent.

Following the dismissal, investors attempted to appeal, seeking sanctions against Musk's team and accusing them of obstructing justice. However, Musk and Tesla countered, arguing that the lawsuit lacked merit.

Mutual Agreement to Withdraw

On November 14, both parties agreed to withdraw all motions, effectively ending the legal dispute. Judge Hellerstein's signature on the final order is pending, and the case is expected to be officially closed upon its approval.

High-Profile Case

The lawsuit garnered significant attention due to Musk's prominent role in the cryptocurrency industry. It raised questions about the regulation of digital assets and the potential impact of celebrity endorsements.

Disclaimer

This article is provided for informational purposes only and should not be construed as investment or financial advice. Please consult with an expert before making any investment or trading decisions. All information presented is based on available sources and may change over time.