Elon Musk Pleads for Dismissal of $258 Billion Dogecoin Lawsuit.
Elon Musk’s lawyers have filed a motion to dismiss a lawsuit accusing him of defrauding investors in Dogecoin through his tweets. The investors claim Musk inflated the value of the cryptocurrency despite knowing it had no intrinsic value. They are seeking $258 billion in damages. Musk’s lawyers argue that a tweet cannot be the sole cause of blame and describe the lawsuit as a “fanciful work of fiction”. They also claim the investors have not properly explained how Musk intended to defraud anyone or what risks he concealed, and that their claims about his tweets were too vague to support a fraud claim. The Dogecoin Foundation, a nonprofit organization behind Dogecoin, is also named as a defendant in the case. The plaintiffs argue that Musk played with the cryptocurrency community by artificially inflating the value of Dogecoin through his tweets, some of which have resulted in a 1000% increase in value overnight.
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