Elon Musk Asks The Court To End 258 Billion Worth Dogecoin Lawsuit

Elon Musk Asks The Court To End 258 Billion Worth Dogecoin Lawsuit by Emily Clark last updated on April 23, 2023

Elon Musk Asks The Court To End $258 Billion Worth Dogecoin Lawsuit

On Friday, billionaire Elon Musk asked the US court to dismiss a $258 billion worth lawsuit against him. The multibillion-dollar lawsuit accuses Elon Musk of artificially supporting Dogecoin with the help of a pyramid scheme.

According to Elon Musk and his lawyers, the lawsuit is merely a work of fiction and doesn't contain anything real. The said lawsuit was filed by the Dogecoin investors after he posted a series of tweets related to Dogecoin. The tweets made by Elon Musk artificially pumped the price of Dogecoin.

Accusations Are Too Vague

According to Musk's lawyers, the Dogecoin investors didn't explain how Mr. Musk wanted to defraud them. In addition, there is also no clarity on how he concealed the risks associated with cryptocurrency.

Elon Musk only tweeted 'Dogecoin Rulz' which doesn't mean anything in itself. In fact, it only contains the word Doge and doesn't highlight any highs or lows.

The lawyers also commented on how tweeting something is not unlawful, especially if it is about a market that's worth almost $10 billion.

Based on these grounds, Elon Musk and his team of lawyers are now requesting the US judge to throw away the lawsuit. They believe that it is nothing more than the fantasy of the plaintiffs!

In the footnote of the request, the lawyers also mentioned how Dogecoin doesn't qualify as a security. Based on these facts, the lawyers are hopeful that their case will be a success in court.

If we look at the Dogecoin investors, they are causing Elon Musk for inflating the Dogecoin price by 36000% and then let it crash.

In other words, a lot of investors were caught off-guard by buying the Dogeoin at a high price only for it to come crashing down!

According to them, this resulted in a profit worth billions of dollars at the expense of other less-fortunate Dogecoin investors.