Lawsuit Against Elon Musk Over Dogecoin Ends with Withdrawal of Claims

New York, Nov 15, 2024 – A high-profile lawsuit accusing Elon Musk and his company, Tesla, of rigging the price of Dogecoin has come to an end. Investors who had filed the lawsuit, alleging fraud and insider trading, have decided to withdraw their appeal after a U.S. court dismissed their case in late August.

The investors also dropped their bid to sanction Musk’s legal team, who they accused of interfering with the appeal and demanding large legal fees. In return, Musk and Tesla withdrew their motion to sanction the investors’ lawyer for pursuing a “frivolous” case.

A court filing on Thursday night in federal court in Manhattan officially dismissed the appeal and both sides’ motions, pending approval from U.S. District Judge Alvin Hellerstein. Lawyers for both Musk and the investors have not yet commented on the development.

This marks the conclusion of a case that had drawn significant attention due to Musk’s influence in the cryptocurrency space and his prominent role in the Dogecoin saga.