Elon Musk Attempts to Dismiss $258 Billion Dogecoin Lawsuit
Elon Musk, the self-proclaimed “Dogefather,” has asked a US court to dismiss a $258 billion lawsuit filed against him in 2022 which accuses him of manipulating the price of Dogecoin in a Ponzi-like manner, leading investors to lose money. Musk has denied the claims and referred to the lawsuit as a “fanciful work of fiction” related to his tweets about Dogecoin. His lawyers have stated that the plaintiff has provided no explanation of how Musk intended to deceive anyone with his tweets and have rejected the notion that Dogecoin is a security. Musk has been previously criticized for his tweets, which have influenced the price of Dogecoin. The lawsuit was filed in June 2022 by plaintiff Keith Johnson on behalf of a group of Dogecoin investors, who accused Musk of promoting Dogecoin to profit from trading, exposure, and entertainment. The lawsuit sought $258 billion in compensation, which is triple the estimated decline in Dogecoin’s market value before the lawsuit, and also sought an order prohibiting Musk and his companies from promoting Dogecoin. Musk appears to be unfazed by the lawsuit and has continued to tweet regularly about Dogecoin. Dogecoin continues to follow the performance of the crypto market and is up 7.49% at a price of $0.0823, performing well among the top cryptocurrencies in the last week.
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