Elon Musk Asks Judge to Dismiss $258B Dogecoin Lawsuit — Insists Tweeting Support for DOGE Isn’t Unlawful

Tesla and Twitter CEO Elon Musk has asked a U.S. justice to disregard a $258 cardinal suit filed against him by dogecoin investors. They alleged that the billionaire operated a pyramid strategy to beforehand the meme cryptocurrency dogecoin. “There is thing unlawful astir tweeting words of enactment for, oregon comic pictures about, a morganatic cryptocurrency that continues to clasp a marketplace headdress of astir $10 billion,” Musk’s lawyer argued.

Elon Musk Wants Court to Dismiss Lawsuit by Dogecoin Investors

Elon Musk, CEO of Tesla and Twitter, asked a U.S. justice connected Friday to disregard a $258 billion suit alleging that helium operated a pyramid strategy to beforehand the meme cryptocurrency dogecoin (DOGE). The lawsuit, Johnson et al v. Musk et al, filed successful the U.S. District Court for the Southern District of New York, alleges that Musk and his companies, Tesla and Spacex, “falsely and deceptively assertion that dogecoin is simply a morganatic concern erstwhile it has nary worth astatine all.”

In a ceremonial petition filed Friday, Musk’s ineligible squad described the suit brought by dogecoin investors arsenic a “fanciful enactment of fiction” concerning Musk’s “innocuous and often silly tweets” astir the meme cryptocurrency. They argued that the investors failed to clarify however Musk intended to defraud anyone oregon what risks helium concealed. They besides argued that the Tesla CEO’s comments — specified arsenic “Dogecoin Rulz” and “no highs, nary lows, lone Doge” — were excessively ambiguous to enactment a fraud allegation.

Musk’s lawyers detailed:

There is thing unlawful astir tweeting words of enactment for, oregon comic pictures about, a morganatic cryptocurrency that continues to clasp a marketplace headdress of astir $10 cardinal … This tribunal should enactment a halt to plaintiffs’ phantasy and disregard the complaint.

Musk’s ineligible squad besides disputed the DOGE investors’ assertion that dogecoin met the criteria to beryllium classified arsenic a security. While the president of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has said successful a fewer interviews that all crypto tokens, but bitcoin, are securities, galore radical person argued that his sentiment is not the law.

Nonetheless, Evan Spencer, the lawyer representing the dogecoin investors, stated successful an email: “We are much assured than ever that our lawsuit volition beryllium successful.”

According to the investors, Musk intentionally drove up the worth of dogecoin by implicit 36,000% implicit 2 years, lone to subsequently fto it crash. They claimed that this resulted successful billions of dollars successful profits for Musk portion different dogecoin investors suffered, contempt Musk being alert that the meme cryptocurrency lacked immoderate intrinsic value. Additionally, the investors cited Musk’s quality connected Saturday Night Live, wherever helium portrayed a fictional fiscal adept and referred to dogecoin arsenic “a hustle.”

Despite the lawsuit, the Tesla and Twitter brag confirmed that helium volition proceed to bargain and enactment DOGE. Musk is known successful the dogecoin assemblage arsenic the Dogefather. His electrical car company, Tesla, accepts the meme crypto for immoderate merchandise, and earlier this year, helium reaffirmed that helium volition eat a McDonald’s Happy Meal connected TV if the accelerated nutrient concatenation accepts payments successful dogecoin.

Do you deliberation the justice should disregard the suit against Elon Musk by dogecoin investors? Let america cognize successful the comments conception below.

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