Elon Musk’s Legal Counsel Dismisses False Claims Surrounding His Client’s Ownership Of Pump-And-Dump DOGE Wallets
Tech billionaire Elon Musk is currently facing a $258 billion class-action lawsuit for securities fraud and market manipulation related to Dogecoin. The plaintiff in the case claims that Musk owns Dogecoin wallets linked to transactions made between April 3 and April 6. This timeframe is significant because it is when Musk changed Twitter’s logo to that of Dogecoin, causing a surge in the price of the cryptocurrency.
Musk’s lawyer, Alex Spiro, has denied these accusations, stating that the plaintiff is wrong and without basis in their claims. Spiro also questioned the competency of the plaintiffs’ lawyer, Evan Spencer. The lawsuit’s third amendment connects digital wallets allegedly owned by Musk and his company Tesla to the period when the logo change occurred.
Contrary to online rumors claiming that Musk does not own any Dogecoin wallets, the tech billionaire has previously stated otherwise. He admitted to owning Bitcoin, Ethereum, and Dogecoin out of curiosity in October 2021. However, he also cautioned against betting too heavily on cryptocurrencies, emphasizing that true value lies in building products and providing services.
Despite Musk’s denial and his lawyer’s response, Spencer remains confident in the success of the case. He stated that the matter will be fought in court, not the media. Meanwhile, Dogecoin has seen a slight loss in value and is trading in the red zone at $0.06236 as of recent data.
The outcome of this class-action lawsuit will determine whether Musk is found guilty of securities fraud and market manipulation. It remains to be seen how the court will rule on the matter, but both parties are preparing to present their arguments in a legal setting.
About The Author
