Elon Musk and his legal team have asked a US judge to dismiss a $258 billion lawsuit filed by investors in June 2022, who claimed that he ran a pyramid scheme to promote Dogecoin. Musk's lawyers argue that the claims are unfounded and unsupported by evidence, and that his tweets backing Dogecoin were lighthearted and often goofy remarks, far from being investment guidance. The investors argue that Musk's tweets and statements fueled a massive surge in Dogecoin's price before it plummeted, causing them to suffer considerable losses. They accuse Musk of exploiting his celebrity status and influence to manipulate Dogecoin's value. Musk's attorneys described the lawsuit as a "fantastical work of fiction" and implored the judge to dismiss it.

(By Siamak Masnavi)