Dogecoin investors drop $248 billion class action lawsuit against Elon Musk

What if Elon Musk Dogecoin fandom tied to the White House?

If you are an attorney representing Dogecoin investors in a class action which sought $258 billion in damages for alleged market manipulation, you agree to drop your case against the tech CEO and his electric car maker.

On Thursday inningslawyers for Musk and the Dogecoin investors told a Manhattan federal judge that both sides would like to end the years-long case. This included withdrawing the appeal filed in September and any pending motions.

The billionaire lost the lawsuit in August, when US District Judge Alvin K. Hellerstein ruled that Musk’s public statements about Dogecoin were “wishful thinking and presumptuous.” rejecting complaint, which was amended four times with prejudice.

A lawsuit filed in 2022 alleged that Musk made misleading statements about the meme coin, resulting in significant financial losses for investors. Whether it’s Musk’s Saturday night live broadcast appearance which will cause the price of Dogecoin to fall in 2021, or replacement Last year, the X logo with a Shiba Inu dog caught the attention of many Musk’s most famous Dogecoin moments.

At times, the lawsuit between Musk and Dogecoin investors became heated. Last year, attorney Evan Spencer accused Tesla’s legal team of using “a bottomless war chest” to wage an illegal campaign of harassment against him, which Tesla denied as “baseless and defiant.”

Lawyers for Spencer, Musk and Tesla did not immediately respond to requests for comment Decipher.

In dismissing the complaint in August, Judge Hellerstein wrote that it was “impossible to understand” allegations filed on behalf of Dogecoin investors detailing an alleged “pump and dump” scheme by Musk and Tesla regarding the meme coin.

Thursday’s filing seeks to correct several motions for sanctions filed after the case was dismissed. Spencer argued that Musk and Tesla’s lawyers should be disqualified, for example, after the defendants included an allegedly confidential settlement demand in the motion.

In addition, Spencer accused Musk and Tesla’s lawyers of “fraudulently inflating their legal bills” by demanding $750,000 to stop him from filing an appeal. Lawyers for Musk and Tesla answered stating that Spencer failed to indicate that the settlement demand was confidential, agreeing to temporarily resubmit the related document under seal.

Meanwhile, lawyers for Musk and Tesla tried to withdraw their own motion for sanctions against Spencer, which argued that he filed a “frivolous” lawsuit to “demand a quick handout.”

After funneling about $130 million into a super PAC to help elect Donald Trump president, Musk’s proposed Department of Government Effectiveness (DOGE) has boosted Dogecoin’s presence in the mainstream. Trump designed Musk will co-chair the initiative with Vivek Ramaswamy, a bitcoin-savvy entrepreneur and former presidential candidate, earlier this week.

With the meme coin ticker name press releases and t-shirts on Trump’s campaign website, Dogecoin may be part of America’s political dialogue for some time. Perhaps the behavior flagged on behalf of Dogecoin investors was just the beginning of Musk’s hubris.

Under the editorship Andrew Hayward