$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.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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