Elon Musk Aims to Resolve an Unidentified Dogecoin Scam Case Worth $258 Billion
Elon Musk has filed a petition with a Manhattan federal court seeking dismissal of a lawsuit which accuses him of supporting the alleged pyramid scheme, Dogecoin cryptocurrency. The billionaire’s lawyers argue that the lawsuit did not specify how Musk intended to deceive or the risks he concealed to promote the cryptocurrency, and therefore the case should be dismissed. In the lawsuit, investors claim Musk’s tweets raised the value of Dogecoin by over 36,000% in two years, causing a significant drop in its price and lining Musk’s pockets at the expense of other investors. The plaintiffs argue that, despite its high market capitalization of around $10bn, the cryptocurrency is still too new and flawed to be a safe investment, and that Musk’s tweets had misled them into investing in it.