Request to Terminate Dogecoin Lawsuit Against Him Made by Elon Musk to Court
Elon Musk and Tesla have asked a US judge to dismiss a $258bn lawsuit brought against them by Dogecoin investors. The plaintiff claims that Musk ran a pyramid scheme to support the cryptocurrency and is alleging racketeering by the Dogefather and his companies. However, Musk’s legal team argues that the lawsuit is based on ‘innocuous and often silly tweets’ about Dogecoin and is a ‘fanciful work of fiction’. The lawyers stated that Musk’s statements about ‘Dogecoin Rulz’ and ‘no highs, no lows, only Doge’ were too vague to support a fraud claim. They also rejected the investors’ claim that Dogecoin qualified as a security. The plaintiff claimed that he lost money after investing in Dogecoin and described it as a ‘Dogecoin Crypto Pyramid Scheme’ without intrinsic value or a tangible asset. The plaintiff is asking for the lawsuit to be classified as a class-action lawsuit on behalf of those who have suffered losses by investing in Dogecoin since 2019. If successful, he wants Musk to reimburse investors $86bn, and pay double that in damages, i.e. an additional $172bn, taking the total lawsuit sum to $258bn. Musk’s lawyers claim that there is ‘nothing unlawful about tweeting words of support for or funny pictures about’ a legitimate cryptocurrency. The plaintiff’s lawyer has expressed confidence about a successful outcome.