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In a significant development for the Dogecoin community, the $248 billion class-action lawsuit against Tesla CEO Elon Musk has been dropped.
The case, filed in 2022, claimed Musk of making misleading statements about Dogecoin, which allegedly 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.
Tomiwabold OlajideIn a filing on Thursday, lawyers for Musk and the Dogecoin investors told a Manhattan federal judge both parties would like to bring the case to an end. This includes withdrawing a notice of appeal filed in September and any ongoing motions.
Relief for Dogecoin community
Throughout the legal battle, the Dogecoin Foundation stood by its core developers, founders and community members, who were initially named in the lawsuit. A whole lot of efforts were put in to get these individuals removed from the case early on, and hence the Dogecoin Foundation expresses relief as the case is now put to an end.
The Foundation’s statement highlighted the strain the legal action placed on the broader Dogecoin community.
In a tweet, the Foundation wrote: "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."
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.
Denys Serhiichuk
Dan Burgin
U.Today Editorial Team
Vladislav Sopov