Elon Musk plans to settle a $258 billion Dogecoin lawsuit

Key Takeaways:

•  Elon Musk ‘s legal team requests the $258 billion Dogecoin lawsuit to be nullified.

• The lawsuit is fictional, according to Musk’s attorneys, who also contend that the billionaire CEO’s tweets endorsing DOGE are not illegal. 

According to reports, Elon Musk and his attorneys asked a US court this week to dismiss the $258 billion lawsuit brought by investors who claimed that he ran a pyramid scheme to market cryptocurrencies. Dogecoin

The complainants brought up Elon Musk’s appearance on Saturday Night Live in 2021, during which he played “a fictitious financial expert” and referred to Dogecoin as “a hustle,” which caused a sharp price drop minutes afterward.

Activity in Dogecoin has increased as a result of the growth. Both the number of transactions and the number of active addresses in DOGE increased, per on-chain data. 

In response to the CEO’s “innocent and frequently silly tweets” about the meme cryptocurrency, Musk’s attorneys called the investors’ case against him a “fanciful work of fiction.” Furthermore, they claimed that the plaintiffs failed to adequately describe how Musk allegedly intended to defraud anyone or hide risks related to Dogecoin. 

The attorneys pointed out that in light of this, Musk’s statements like “Dogecoin Rulz” and “no highs, no lows, only Doge” are merely too nebulous to serve as evidence of fraud. 

Investors claimed in the original filing last year that Musk “used his pedestal as the World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme,” driving up the price of Dogecoin “more than 36,000% over two years and then letting it crash.”

According to Musk’s attorneys, there is nothing illegal about tweeting encouragement for or amusing images of a genuine cryptocurrency that still has a market cap of close to $10 billion. 

“This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”

Elon Musk has stirred up a lot of controversy in the cryptocurrency world.  The father of SpaceX never fails to startle the community, whether it be by selling Tesla’s 75% Bitcoin holdings or by being sued for $258 billion in an alleged Dogecoin “pyramid scheme.”