Jimmy Fallon is indeed not dead and is alive and well. Let's catch up, it's very common for a celebrity death hoax to happen and the "New Twitter" makes that one step easier.
All it takes is for three to six users to use that hashtag to get the ball rolling. That's exactly what happened here, people started getting thousands of likes and for some reason, everyone else continued to follow along despite it obviously not being true because it didn't come from any verified source.
Jimmy Fallon has now responded to the subject and tweeted "Elon, can you fix this? #RIPjimmyfallon."
Elon, can you fix this? #RIPJimmyFallon
— Jimmy Fallon (@jimmyfallon) November 16, 2022
Elon musk fired multiple people who were involved with content moderation and dealing with fake accounts and fake news which is possibly why this hashtag is still here.
As of writing this article, Elon Musk has not responded to the matter.