Blockchain News

Elon Musk Requests Dismissal of $258B Dogecoin Lawsuit: Report

According to reports, Elon Musk and his legal team have asked a judge in the United States to dismiss the $258 billion lawsuit filed by investors who allege that he operated a pyramid scheme to promote the cryptocurrency Dogecoin $0.08. The lawsuit was filed by investors who allege that he misled them into investing in his company.

According to a report published by Reuters on April 1, Elon Musk’s attorneys reacted to the case brought forth by investors in Dogecoin as a “fanciful work of fiction” when it was presented to the federal court in Manhattan on March 31.

It was stated that Musk’s lawyers were trying to convince the judge to “throw out” the multi-billion dollar lawsuit by referring to his views on Dogecoin as “innocuous and frequently ridiculous tweets.”

Musk’s attorneys argued that their client’s Dogecoin-related remarks, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” were “too imprecise” to warrant a fraud charge and provided an explanation. The attorneys made the following observation: “Tweeting words of encouragement for, or amusing photographs about, a genuine cryptocurrency that continues to have a market cap of nearly $10 billion is not breaking any laws.”

Investors referenced Musk’s performance on Saturday Night Live, in which he acted “a fictional financial expert,” and referred to Dogecoin as “a hustle.” This is a reference point in the case that was filed by the investors.

Evan Spencer, the attorney who represents the investors, allegedly wrote in an email that “we are more sure than ever that our case will be successful.”


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