$248 Billion Dogecoin Class-action Lawsuit Against Elon Musk Dropped

In a significant development for the Dogecoin community, the $248 billion class-action lawsuit against Tesla CEO Elon Musk has been dropped.

A $248 billion class-action lawsuit against Tesla CEO Elon Musk over his alleged misleading statements about Dogecoin has been dropped, according to a court filing on Thursday.

The lawsuit, filed in 2022, claimed that Musk's statements about Dogecoin led to substantial financial losses for investors. The plaintiffs cited incidences such as Musk's appearance on Saturday Night Live in 2021, which was followed by a substantial decline in the price of Dogecoin, and his decision to replace the X logo with the doge mascot last year.

The plaintiffs had alleged that Musk's statements were "false, misleading and unsubstantiated," and that they were made "with the intent to deceive, manipulate and defraud the investing public." They also claimed that Musk's actions caused "tremendous financial harm" to investors.

Musk's lawyers have denied the allegations, arguing that the plaintiffs' claims were "legally insufficient" and that Musk's statements about Dogecoin were protected by the First Amendment.

The Manhattan federal judge overseeing the case had previously dismissed the Dogecoin investors’ class-action lawsuit against Musk in May, but the plaintiffs filed a notice of appeal in September.

Now, lawyers for Musk and the Dogecoin investors told the judge that both parties would like to bring the case to an end. This includes withdrawing the notice of appeal and any ongoing motions.

The Dogecoin Foundation, which was initially named in the lawsuit, expressed relief over the case's conclusion. The Foundation had worked to get its core developers, founders and community members removed from the lawsuit early on.

"We're glad this is finally over. We took on defending uninvolved core developers, founders, & community members initially named in this suit & were glad to have them removed early on, but we could've imagined much nicer uses for high five figures in legal fees spent on this," the Foundation tweeted on Thursday.

Musk, known for his support for Dogecoin, remains one of its most influential advocates. With the case behind now, the Dogecoin Foundation is focused on the next big advancement for Dogecoin.

In a tweet this week, the Dogecoin Foundation revealed that it was working hard on Dogebox, which would make it easier for users to run their full node of Dogecoin, accept Dogecoin and build solutions on top of it.