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Elon Musk Seeks Dismissal of $258 Billion Dogecoin Lawsuit, Claiming Investor Accusations are Fanciful

Cointime Official

Elon Musk requested a U.S. judge to dismiss a $258 billion lawsuit alleging that he orchestrated a pyramid scheme to support the cryptocurrency Dogecoin.

The lawsuit brought forth by investors accuses Elon Musk, who is recognized as the world's second-richest person by Forbes, of intentionally manipulating the price of Dogecoin. They claim that he caused the cryptocurrency's value to skyrocket by over 36,000% within a two-year period, only to let it plummet afterward. The investors argue that Musk's actions were deliberate and designed to profit from the market fluctuations he orchestrated.

According to Reuters, the filing in Manhattan federal court reveals that lawyers for Elon Musk and Tesla Inc. described the lawsuit brought forward by Dogecoin investors as a "fanciful work of fiction," stemming from Musk's "innocuous and often silly tweets" about the cryptocurrency.

Furthermore, the legal representatives emphasized that the investors failed to clarify how Musk intended to defraud anyone, or what risks he allegedly hid. They also asserted that Musk's statements, including phrases like "Dogecoin Rulz" and "no highs, no lows, only Doge," were too ambiguous to substantiate a fraud allegation.

In a footnote, the lawyers also dismissed the assertion made by investors that Dogecoin should be considered a security.

Dogecoin Dogecoin $0.07
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Dogecoin Elon Musk
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