Investors withdraw Dogecoin case against Elon Musk 

Crypto investors retracted their appeal against Elon Musk, the world’s richest person for committing fraud and insider trading.

The case was dismissed. Additionally, they are dropping their attempt to punish Musk’s attorneys for allegedly meddling in the appeal, including by requesting payment of their exorbitant legal bills. The news caused a sharp increase in DOGE’s price. 

Musk and Tesla also retracted their move to penalize the investors’ attorney for allegedly pursuing a “frivolous” case using constantly shifting legal theories to “extort a quick handout.”.  

A stipulation dismissing the appeal and both sides’ motions was filed in the federal court in Manhattan.  

Investors charged Musk with trading dogecoin at their expense by utilizing Twitter posts, an appearance on NBC’s “Saturday Night Live,” and other ploys, such as coordinating trades with Musk’s public remarks and actions.  

A stipulation dismissing the appeal and both sides’ motions was filed Thursday night in Manhattan’s federal court. It requires approval by U.S. District Judge Alvin Hellerstein. 

Hellerstein stated that based on Musk’s tweets—which included claims that dogecoin was the future currency of Earth and that his company SpaceX could fly it to the moon—reasonable investors could not demonstrate securities fraud. 

 Notably, the investors decided to close the case just two days after U. S. Vivek Ramaswamy and Elon Musk were proposed by President-elect Donald Trump to lead the new Department of Government Efficiency