A group of Dogecoin investors who claimed Elon Musk was rigged DOGE abandoned their appeal following a judge’s decision unfavorable to their case in August.
DOGE investors unhappy first continued 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, finding no evidence to support the alleged pumping and dumping scheme.
“These paragraphs allege statements by Musk on ‘Twitter’ that Dogecoin might be his favorite currency and that he had purchased it for his son, that Dogecoin is the people’s crypto and the future currency of Earth, that Dogecoin could become the standard for the global financial system and the currency of the Internet, that Musk agreed to become the CEO of Dogecoin, and that Musk could put a “literal” Dogecoin in SpaceX and send it to the moon and that. Dogecoin would pay for the mission, Tesla vehicles could be purchased with Dogecoin, etc.
These statements are ambitious and inflated, non-factual and susceptible to falsification. They cannot be used as the basis for a 10b-5 lawsuit…and no reasonable investor could rely on them.
The DOGE investors behind the class action immediately appealed the August ruling. They also attempted to sanction Musk’s lawyers for interference on appeal.
According to Reuters reportthe appeal and all associated charges have been officially withdrawn.
Initially, the class action sought $258 billion in damages.
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