diff --git a/peps/pep-0501.rst b/peps/pep-0501.rst
index 9eb16cbba..0f875ea9b 100644
--- a/peps/pep-0501.rst
+++ b/peps/pep-0501.rst
@@ -2,17 +2,17 @@ PEP: 501
 Title: General purpose template literal strings
 Author: Alyssa Coghlan <ncoghlan@gmail.com>, Nick Humrich <nick@humrich.us>
 Discussions-To: https://discuss.python.org/t/pep-501-reopen-general-purpose-string-template-literals/24625
-Status: Draft
+Status: Withdrawn
 Type: Standards Track
-Content-Type: text/x-rst
 Requires: 701
 Created: 08-Aug-2015
 Python-Version: 3.12
 Post-History: `08-Aug-2015 <https://mail.python.org/archives/list/python-dev@python.org/thread/EAZ3P2M3CDDIQFR764NF6FXQHWXYMKJF/>`__,
               `05-Sep-2015 <https://mail.python.org/archives/list/python-dev@python.org/thread/ILVRPS6DTFZ7IHL5HONDBB6INVXTFOZ2/>`__,
               `09-Mar-2023 <https://discuss.python.org/t/pep-501-reopen-general-purpose-string-template-literals/24625>`__,
+Superseded-By: 750
 
-.. TODO: Start new PEP 501 d.p.o thread once these updates have been merged
+.. superseded:: 750
 
 Abstract
 ========
@@ -31,6 +31,34 @@ appropriate escaping and other string processing on inputs
 while retaining the usability and convenience of f-strings.
 
 
+PEP Withdrawal
+==============
+
+When :pep:`750` was first published as a "tagged strings" proposal
+(allowing for arbitrary string prefixes), this PEP was kept open to
+continue championing the simpler "template literal" approach that
+used a single dedicated string prefix to produce instances of a new
+"interpolation template" type.
+
+The `October 2024 updates <https://github.com/python/peps/pull/4062>`__
+to :pep:`750` agreed that template strings were a better fit for Python
+than the broader tagged strings concept.
+
+All of the other concerns the authors of this PEP had with :pep:`750`
+were also either addressed in those updates, or else left in a state
+where they could reasonably be addressed in a future change proposal.
+
+Due to the clear improvements in the updated :pep:`750` proposal,
+this PEP has been withdrawn in favour of :pep:`750`.
+
+.. important::
+
+  The remainder of this PEP still reflects the state of the tagged strings
+  proposal in August 2024. It has *not* been updated to reflect the
+  October 2024 changes to :pep:`750`, since the PEP withdrawal makes doing
+  so redundant.
+
+
 Relationship with other PEPs
 ============================