Fri Nov 15 18:35:54 UTC 2024: ## Dogecoin Lawsuit Against Elon Musk Dismissed: Appeal Withdrawn
**New York, NY** – A class-action lawsuit accusing Elon Musk of manipulating the Dogecoin cryptocurrency market has effectively ended. Investors who claimed Musk and Tesla engaged in fraud and insider trading have withdrawn their appeal of a previous dismissal, effectively ending the case. The appeal, which sought $258 billion in damages, was dismissed in August by US District Judge Alvin Hellerstein, who ruled that reasonable investors could not rely on Musk’s tweets (including pronouncements that Dogecoin would be the future currency of Earth) to prove securities fraud. He also expressed confusion over the investors’ market manipulation and insider trading claims.
The investors also withdrew their motion to sanction Musk’s lawyers, while Musk and Tesla reciprocated by withdrawing their motion to sanction the investors’ lawyer. A stipulation dismissing the appeal was filed on Thursday and awaits Judge Hellerstein’s approval. The case, which saw four amended complaints filed over two years, involved accusations that Musk used Twitter posts and other public appearances to manipulate Dogecoin prices to his advantage.
This development comes amidst other notable news concerning Musk, including his recent purchase of Twitter (now X) and President-elect Trump’s appointment of Musk to lead a new Department of Government Efficiency. The lawsuit, *Gorog et al v. Musk et al*, concluded without comment from either party’s legal representatives.
First Piper 