Elon Musk seeks dismissal of $258 billion Dogecoin lawsuit

Elon Musk has filed a motion to dismiss a lawsuit accusing him of running a pyramid scheme to support Dogecoin.

The lawsuit, which was filed by Dogecoin investors last year, alleged that Musk drove up the price of the cryptocurrency and then allowed it to crash, generating billions of dollars of profit at other investors’ expense.

Musk’s lawyers have called the lawsuit a “fanciful work of fiction” and argue that his tweets about Dogecoin were innocuous and did not defraud anyone.

The investors cited Musk’s portrayal of a fictitious financial expert on a “Weekend Update” segment of NBC’s “Saturday Night Live,” where he referred to Dogecoin as “a hustle.” (via Reuters)

However, according to Musk’s lawyers, the investors failed to provide any explanation on how Musk intended to deceive anyone or what risks he was hiding. They also claimed that Musk’s comments, including “Dogecoin Rulz” and “no highs, no lows, only Doge,” were too ambiguous to support the fraud allegation.

The damages figure in the lawsuit is triple the estimated decline in Dogecoin’s market value in the 13 months before the lawsuit was filed.

The case is Johnson et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.

Are you buying a Tesla? If you enjoy our content and we helped in your decision, use our referral link to get a three month trial of Full Self-Driving (FSD).
Previous Article

Court Rules Elon Musk Violated Labour Law by Threatening Tesla Workers’ Stock Options

Next Article

Tesla shares video of first Cybertruck crash test…or did they?

You might be interested in …

Tesla iOS app update adds Tesla Insurance claim integration, and restores the popular ‘Nearby Superchargers’ feature

Tesla pushed a new update of its mobile app to the iOS App Store last night, V4.4.0, bringing with some new features for owners with Tesla Insurance, and more. Tesla Insurance Claim Integration The biggest […]