Investors who had accused Musk and his company Tesla of insider trading and fraud have chosen to drop their appeal of the case\u2019s dismissal, which was initially ruled on August 29.<\/p>\n
The lawsuit stemmed from Musk\u2019s tweets and public actions, including his infamous appearance on Saturday Night Live, where he called Dogecoin a \u201cscam.\u201d Investors claimed Musk deliberately manipulated Dogecoin\u2019s value<\/a><\/strong> for personal financial gain, leading to significant losses.<\/p>\n However, a ruling in August determined that the investors could not prove securities fraud, as Musk\u2019s statements were deemed too vague to mislead reasonable investors. The judge also dismissed claims of market manipulation and insider trading.<\/p>\n