Tesla and Twitter CEO Elon Musk has actually asked a U.S. judge to dismiss a $258 billion lawsuit submitted versus him by dogecoin financiers. They declared that the billionaire ran a pyramid plan to promote the meme cryptocurrency dogecoin. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s attorney argued.
Elon Musk Wants Court to Dismiss Lawsuit by Dogecoin Investors
Elon Musk, CEO of Tesla and Twitter, asked a U.S. judge on Friday to dismiss a $258 billion lawsuit declaring that he ran a pyramid plan to promote the meme cryptocurrency dogecoin (DOGE). The lawsuit, Johnson et al v. Musk et al, submitted in the U.S. District Court for the Southern District of New York, declares that Musk and his business, Tesla and Spacex, “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”
In an official demand submitted Friday, Musk’s legal group explained the lawsuit brought by dogecoin financiers as a “fanciful work of fiction” worrying Musk’s “innocuous and often silly tweets” about the meme cryptocurrency. They argued that the financiers stopped working to clarify how Musk planned to defraud anybody or what threats he hid. They also argued that the Tesla CEO’s comments — such as “Dogecoin Rulz” and “no highs, no lows, only Doge” — were too unclear to support a scams accusation.
Musk’s attorneys detailed:
There is absolutely nothing unlawful about tweeting words of support for, or amusing photos about, a genuine cryptocurrency that continues to hold a market cap of almost $10 billion … This court must put a stop to complainants’ dream and dismiss the grievance.
Musk’s legal group also contested the DOGE financiers’ assertion that dogecoin satisfied the requirements to be categorized as a security. While the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has actually stated in a couple of interviews that all crypto tokens, other than bitcoin, are securities, lots of people have actually argued that his viewpoint is not the law.
Nonetheless, Evan Spencer, the attorney representing the dogecoin financiers, specified in an e-mail: “We are more positive than ever that our case will succeed.”
According to the financiers, Musk purposefully increased the worth of dogecoin by over 36,000% over 2 years, just to consequently let it crash. They declared that this led to billions of dollars in revenues for Musk while other dogecoin financiers suffered, in spite of Musk knowing that the meme cryptocurrency did not have any intrinsic worth. Additionally, the financiers pointed out Musk’s look on Saturday Night Live, where he represented an imaginary economist and referred to dogecoin as “a hustle.”
Despite the lawsuit, the Tesla and Twitter manager validated that he will continue to purchase and support DOGE. Musk is understood in the dogecoin neighborhood as the Dogefather. His electrical vehicle business, Tesla, accepts the meme crypto for some product, and previously this year, he declared that he will consume a McDonald’s Happy Meal on television if the junk food chain accepts payments in dogecoin.
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