Elon Musk Launches Counterattack in Dogecoin Lawsuit Against Attorney
Tesla and Elon Musk are fighting back against the lawyer representing Dogecoin investors in a lawsuit. In a recent court filing, Musk and Tesla sought Rule 11 sanctions against Evan Spencer, claiming that he knew his case was based on false premises. They argued that the wallets associated with the DOGE sales did not belong to them. Following this filing, Dogecoin’s value dropped by over 7%.
The lawsuit was filed by Dogecoin investors who accused Musk and Tesla of manipulating the price of the memecoin for personal gain. The plaintiffs claimed that Musk dumped his DOGE holdings after promoting the cryptocurrency on Twitter, resulting in billions of dollars in profits. However, Musk’s legal team argued that the wallets mentioned in the complaint did not belong to Tesla or Musk.
The latest court filing from Musk and Tesla came after Evan Spencer filed an amended complaint on behalf of the plaintiffs. The complaint included accusations of insider trading and claimed that the wallets cited were owned by Tesla and Elon Musk. However, Musk’s attorneys argued that Spencer was aware of the falsity of his claims before submitting the amended complaint.
In their filing, Musk and Tesla requested the overseeing judge to dismiss the amended complaint and sanction Evan Spencer. The motion for sanctions had a significant impact on Dogecoin’s value, causing it to drop by over 7%. As of the time of writing, one DOGE was trading at $0.0699.
This legal battle between Elon Musk, Tesla, and Dogecoin investors highlights the ongoing controversy surrounding the relationship between influential figures, social media promotion, and cryptocurrency markets. While Musk has been known for his support and influence on the price of various cryptocurrencies, this lawsuit raises questions about the legality and consequences of such actions. The outcome of this case could have significant implications for the future regulation and control of the cryptocurrency market.