Elon Musk and his lawyers are reportedly asking a U.S. judge to dismiss a $258 billion lawsuit from investors who accuse him of running a pyramid scheme to promote the cryptocurrency Dogecoin.
Elon Musk's lawyer said the June 2022 lawsuit filed by Dogecoin investors against Musk was a "fictitious work of fiction" filed in Manhattan federal court on March 31, Reuters reported on April 1. ". Musk's lawyers explained that his support for Dogecoin on social media, including comments such as "Dogecoin Rulz" and "No highs, no lows, just Doge," was "too vague" to constitute a Fraud Claims. Lawyers said: “There is nothing illegal about tweeting supportive remarks or funny images in support of a legitimate cryptocurrency with a market capitalization of nearly $10 billion.”
Musk's lawyers called his Dogecoin statement a "harmless and often stupid tweet" in an effort to convince a judge to "dismiss" the multibillion-dollar lawsuit. Musk is accused of "driving the price of Dogecoin by more than 36,000% over two years and then letting it crash," an initial filing last year said he "used his position as the richest man in the world to operate and manipulate Dogecoin." Coin Pyramid” scheme. "
Investors reportedly cited Musk's May 2021 appearance on Saturday Night Live, in which he played "a fictional financial expert," and called Dogecoin "a con man" as a point of reference for the lawsuit. . Within minutes of the TV show, the price of DOGE plummeted more than 25 percent, falling from a high of $0.66 at the start of the show to $0.50.
Musk appears to have made many efforts to reignite enthusiasm for Dogecoin following his TV appearance.
A few days later, he told his Twitter followers that he was working with "Doge developers to improve system efficiency," which could be "promising."
During the market crash in March 2022, Musk told his Twitter followers that he would not sell his crypto assets, including Bitcoin, Ether and Governor. “We are more confident than ever that our case will succeed,” Evan Spencer, an attorney representing the investors, reportedly said in an email.
