Lawyers representing Elon Musk assert that Tweeting in support of Dogecoin is not illegal.
Tesla CEO Elon Musk’s lawyers have defended him in a $258 billion lawsuit, claiming that tweets in support of Dogecoin are not unlawful activities. Musk is a big fan of the cryptocurrency and holds Bitcoin, Ethereum and Dogecoin in his portfolio. Under Musk’s leadership, the price of Dogecoin surged by more than 350 times between Q4 2020 and Q2 2021. His lawyers argued that there is nothing unlawful about tweeting words of support for a legitimate cryptocurrency with a market cap of nearly $10 billion. The lawsuit was filed after Musk’s tweets caused the price of Dogecoin to rise and then fall, causing many investors to panic and lose money. However, Musk never suggested people invest money in Dogecoin and also warned people not to invest all their money in crypto because of its high volatility.