Report: Elon Musk Seeks Dismissal of $258 Billion Lawsuit Involving Dogecoin
Elon Musk’s lawyers have requested the dismissal of a $258bn lawsuit filed by Dogecoin investors who alleged that he had operated a pyramid scheme to promote the cryptocurrency. The lawsuit was filed in June 2022, alleging that Musk had driven up Dogecoin’s price by more than 36,000% over two years and then let it crash. The suit claimed that he had used his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme. Musk’s lawyers explained that his social media comments such as “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to warrant a fraud claim. They referred to his Dogecoin statements as “innocuous and often silly tweets” to convince the judge to “throw out” the multibillion-dollar lawsuit. Investors cited Musk’s Saturday Night Live appearance in May 2021, where he portrayed a fictitious financial expert and called Dogecoin “a hustle” as a reference point in the lawsuit. Minutes after his appearance, the price of DOGE dumped more than 25%, falling as low as $.50 from $.66 highs at the show’s start. The lawyer representing the investors, Evan Spencer, reportedly stated in an email that “we are more confident than ever that our case will be successful.”
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