Tesla And Twitter CEO Elon Musk A U.S. judge has moved to dismiss a $258 million lawsuit against him that was filed by dogecoin investors. They According to reports, the billionaire ran a pyramid scheme in order to promote the meme cryptocurrency Dogecoin. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyer argued.
Elon Musk Seeks Court To Toss Out Lawsuit By Dogecoin Investors
Elon MuskCEO of Tesla And TwitterA U.S. judge was requested to Friday To throw out a $258 billion lawsuit alleging he ran a pyramid scheme to promote meme cryptocurrency dogecoin. (DOGE). The suit, Johnson et al v. Musk filed in the U.S. by et. al. District Court The following are the recommendations: Southern District Of New YorkAccording to a report, Musk His companies Tesla And Spacex, “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”
In A formal request must be filed Friday, Musk’s legal team described the lawsuit brought by dogecoin investors as a “fanciful work of fiction” Concerning Musk’s “innocuous and often funny tweets” About the meme cryptocurrency. They The argument was that investors did not clarify how they were going to use the money. Musk He intended to deceive anyone or conceal the risks. They It was also claimed that the Tesla CEO’s comments — such as “Dogecoin Rulz” And “no highs, no lows, only Doge” — were too uncertain to support a fraud allegation.
Musk’s lawyers detailed:
There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion … This court should put an end to plaintiffs’ fantasy and dismiss the complaint.
Musk’s legal team also contradicted the DOGE investors’ assertion that dogecoin met the criteria to be classified as a security. While The Chairman of the U.S. Securities And Exchange Commission (SEC), Gary GenslerAlthough he stated that all crypto tokens (except bitcoin) are securities in a few interviews, others have suggested that his opinion does not reflect the law.
Nonetheless, Evan SpencerThe lawyer representing dogecoin investors stated in an email that he was : “We are more confident than ever that our case will be successful.”
According To the investors Musk Intentionally drove dogecoin’s price up by over 36,000% over the course of two years, only for it to crash. They This resulted, it was claimed, in billions of dollars of profits Musk While other dogecoin investors were hurt, the results were still impressive Musk Being aware that the meme cryptocurrency had no intrinsic value. Additionally, The investors cited Musk’s appearance on Saturday Night LiveIn this episode, he plays a fictional financial specialist and refers to dogecoin. “a hustle.”
Despite The lawsuit, Tesla And Twitter Boss confirmed that he will continue buying and supporting DOGE. Musk The dogecoin community calls it the Dogefather. His Company that makes electric cars TeslaHe accepts the meme crypto to purchase some merchandise. Earlier this year, he reiterated that he would eat a McDonald’s Happy Meal On TV, if the fast-food chain accepts payment in dogecoin.
Do Do you think the judge should dismiss the suit? Elon Musk By dogecoin investors Let Let us know what you think in the comments below.
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