A pack of Dogecoin investors who claimed Elon Musk rigged DOGE are dropping their appeal following a judge’s ruling against their case in August.
Disgruntled DOGE investors first sued Musk in 2022, accusing the Tesla CEO of orchestrating a pump-and-dump scheme with his public praise of Dogecoin on Twitter (now X) and Saturday Night Live.
In August, a US judge sided with Musk, failing to see any evidence to support the alleged pump-and-dump scheme.
“These paragraphs allege statements by Musk on ‘Twitter’ to the effect that Dogecoin might be his favorite currency and that he had purchased some for his son, that Dogecoin is the people’s crypto and the future currency of Earth, that Dogecoin might become the standard for the global financial system and the currency of the internet, that Musk agreed to become Dogecoin’s CEO, and that Musk might put a ‘literal’ Dogecoin in SpaceX and fly it to the moon and that Dogecoin would pay for the mission, that Tesla vehicles could be bought with Dogecoin, and the like.
These statements are aspirational and puffery, not factual and susceptible to being falsified. They cannot be the basis of 10b-5 lawsuit… and no reasonable investor could rely upon them.”
The DOGE investors behind the class action lawsuit immediately appealed the August decision. They also attempted to sanction Musk’s lawyers for appeal interference.
According to a Reuters report, the appeal, and all related charges, have officially been withdrawn.
Initially, the class action lawsuit sought $258 billion in damages.
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