Elon Musk and his lawyers have reportedly asked a United States judge to dismiss a $258 billion lawsuit brought by investors who allege he operated a pyramid scheme to promote the Dogecoin cryptocurrency (DOGE).
According to a Reuters of April 1 reportElon Musk's lawyers were referring to the lawsuit filed by investors in Dogecoin, a "fanciful work of fiction," in Manhattan federal court on March 31.
Musk's lawyers reportedly referred to your Dogecoin statements as "harmless and often silly tweets" in an effort to convince the judge to "throw out" the multi-million dollar lawsuit.
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Musk's lawyers explained that his Related to Dogecoin The comment, including "Dogecoin Rulz" and "no highs, no lows, just Doge," was "too vague" to justify a claim of fraud. The lawyers noted:
"There is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that continues to have a market capitalization of nearly $10 billion."
Investors cited Musk's appearance on Saturday Night Live (SNL) in May 2021, where he played "a fictional financial expert" and called Dogecoin "a hustle," as a point of reference in the lawsuit.
What is Dogecoin?
โ Elon Musk, the Father Doge @Elon Musk pic.twitter.com/3ZtD5gv221
โDogeDesigner (@cb_doge) March 15, 2023
Minutes after his appearance on SNL, the price of DOGE thrown up of 25%, falling as low as $.50 from highs of $.66 at the start of the show.
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."
This is a developing story, and more information will be added as it becomes available.
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