Elon Musk Requests Dismissal of $258 Billion Dogecoin Lawsuit from U.S. Judge – Transcontinental Times
Elon Musk has requested that a US judge dismiss a $258bn racketeering lawsuit that accuses him of operating a pyramid scheme to back the cryptocurrency Dogecoin through innocent “tweets”. Lawyers for Musk and Tesla called the lawsuit by Dogecoin investors “a fanciful work of fiction”. In an email response to the filing, investors’ lawyer Evan Spencer said the investors were now “more sure than ever that our case will be successful.” The investors charged Musk with purposefully inflating Dogecoin’s price by more than 36,000% over two years before allowing it to crash. Investors also cited Musk’s appearance on NBC’s “Saturday Night Live,” during which he labelled Dogecoin “a hustle”. The $258bn damages figure is more than triple the estimated drop in Dogecoin’s market value during the 13 months before the lawsuit was filed. Multiple lawsuits have been sparked by Musk’s tweets on Twitter; in February 2021, a San Francisco jury found him not accountable for tweeting in August 2018 that he had secured financing to take Tesla private.