A group of Dogecoin investors has decided to drop their appeal against Elon Musk. This follows a judge's ruling that went against them back in August.
The investors first filed a lawsuit in 2022. They accused Musk of running a pump-and-dump scheme. They claimed he used his tweets and his appearance on Saturday Night Live to hype up Dogecoin.
In August, a U.S. judge ruled in favor of Musk. The judge found no evidence supporting the investors' claims. Musk's statements on Twitter about Dogecoin being his favorite currency and his plans for it were seen as just that—statements, not facts. The judge said, “No reasonable investor could rely upon them.”
After the ruling, the investors quickly appealed the decision. They even tried to sanction Musk's lawyers for interfering with the appeal process. However, according to a report from Reuters, they have now officially withdrawn the appeal and all related charges.
Initially, the class action lawsuit sought an astonishing $258 billion in damages. That's a hefty amount, and it shows how serious they were about their claims.