Elon Musk Request Dismissal of $258 Billion Dogecoin Lawsuit
Elon Musk and his lawyers have requested a US judge to dismiss a $258 billion lawsuit related to Dogecoin in June 2022. According to a report by Reuters, Elon Musk and his lawyers have asked a US judge to dismiss the $258 billion lawsuit that accused him of running a pyramid scheme to support the Dogecoin cryptocurrency.
At the federal court in Manhattan, Elon Musk’s lawyers called the lawsuit filed by Dogecoin investors in June 2022 a fictional work. Elon Musk was accused of driving up the price of Dogecoin by over 36,000% in two years and then letting it collapse, with allegations in last year’s initial filings that he had used his status as the world’s richest person to manipulate the famous meme coin’s price.
Elon Musk’s lawyers called his Dogecoin statements “facetious tweets” and often absurd, in an effort to convince the judge to dismiss the multi-billion dollar lawsuit against Elon Musk.
Musk’s lawyers further explained that his comments on Dogecoin were too vague to ensure a fraudulent statement. “There is nothing illegal about tweeting support or fun memes about a legitimate cryptocurrency that continues to maintain a market capitalization of nearly $10 billion,” said Elon Musk’s lawyers.
Elon Musk first mentioned Dogecoin in 2019 on his personal Twitter account, and since then, he has often posted about the famous meme coin and is known to be a passionate supporter of Dogecoin.
This lawsuit is just one of the many legal battles Elon Musk has faced in recent years, including the SEC case over his tweets regarding Tesla’s privatization and the defamation case brought by the cave diver Vern Unsworth, which Musk lost in 2019.
Despite these legal battles, Elon Musk’s entrepreneurial ventures, including Tesla, SpaceX, and The Boring Company, continue to make strides in their respective industries.
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