A group of investors withdrew their lawsuit accusing Elon Musk of posting messages on Twitter/X to boost the price of Dogecoin, while the American billionaire also made a similar move.
According to Reuters, a group of cryptocurrency investors who suffered losses related to Dogecoin have withdrawn their appeal of the court's ruling on August 29. At that time, Elon Musk and Tesla were acquitted by Judge Alvin Hellerstein of the Manhattan District Court.
The group also withdrew its request to sanction Musk's lawyers for "interfering with the appeals process."
Musk and Tesla also withdrew their countersuit against the group that accused him. In a previous court filing, the billionaire said he was forced to pursue a "frivolous" lawsuit with constantly changing arguments to extort him "quickly."
In addition, a clause dismissing the appeal was agreed upon by both parties and submitted to the district court in Manhattan late on November 15, but is still awaiting approval from Judge Hellerstein.
Musk, Tesla and the plaintiffs have not commented on the matter. According to Reuters, this could be seen as the final step in ending the lawsuit that has been going on for a year and a half.
In late May 2023, a group of investors sued Musk, claiming that the American billionaire used his influence to cause fluctuations in the price of Dogecoin, causing them losses, and demanded $258 billion in compensation. The group said that Musk had posted on Twitter, paid influencers, appeared on NBC's Saturday Night Live, and performed other "publicity stunts" to influence the price of the meme coin Dogecoin for profit.
Dogecoin is a cryptocurrency created by Billy Markus and Jackson Palmer as a joke to criticize the Bitcoin craze in 2013, inspired by the Doge meme, a Shiba Inu with a confused face. It is based on Litecoin, which has a faster mining speed than other cryptocurrencies and is not limited like Bitcoin.
In the history of Dogecoin development, Musk is one of the indispensable factors because he has publicly supported this coin many times. After each of his tweets, Dogecoin always increases from dozens to hundreds of times. Most recently, when Elon Musk was chosen by Donald Trump to lead the Government Efficiency Board with the acronym DOGE, the price of Dogecoin also skyrocketed.
