$258 Billion Dogecoin Lawsuit: Elon Musk Attempts to Put an End to it
Elon Musk has asked a US judge to reject a $258bn racketeering lawsuit against him, filed by Dogecoin investors who accuse him of running a pyramid scheme to support the cryptocurrency. Lawyers for Musk and his electric car company Tesla called the suit a “fanciful work of fiction” over Musk’s “innocuous and often silly tweets” about Dogecoin. Investors allege that the world’s second-richest person deliberately drove up Dogecoin’s price more than 36,000% over two years before letting it crash, generating billions of dollars of profit at the expense of other Dogecoin investors. Dogecoin Foundation, a non-profit, is also a defendant in the lawsuit and is seeking its dismissal. Musk’s tweets have previously been the subject of lawsuits, and in 2018, he won a court case in which a San Francisco jury found him not liable for tweeting that he had arranged financing to take Tesla private.