Why Elon Musk Dismisses $258 Billion Lawsuit Involving Dogecoin [DOGE]
Elon Musk’s lawyers have asked a US judge to dismiss a $258bn Dogecoin lawsuit filed against him by investors. The lawsuit claims Musk ran a pyramid scheme to promote the cryptocurrency. Musk’s lawyers called the suit a “fanciful work of fiction” and said his social media support for Dogecoin was too vague to warrant a fraud claim. They also described his statements as “innocuous and often silly tweets.” The investors accused Musk of driving up the price of Dogecoin by over 36,000% over two years and then allowing it to crash. They referred to his May 2021 Saturday Night Live appearance, in which he called Dogecoin “a hustle,” as a point in their lawsuit. DOGE dropped over 25% in the minutes following the SNL show. Following the crypto market collapse in March 2022, Musk tweeted that he would not sell his holdings. The lawyer representing the investors reportedly believes that “our case will be successful.”
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