Musk asks court to dismiss $258B DOGE racketeering lawsuit

Elon Musk’s lawyers person filed a question to disregard the $258 cardinal racketeering suit related to his tweets and mentions of Dogecoin (DOGE).

The lawyers argued that the suit is based connected “innocuous and often silly tweets” made by Musk implicit the years and frankincense holds nary merit successful court. Musk’s lawyers added that the plaintiffs person not explained however Musk intended to defraud anyone oregon what risks helium concealed done the tweets.

The lawyers stated:

“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.”

They besides rejected the plaintiffs’ assertion that DOGE is simply a information successful the filing.

The justice has yet to marque a determination connected the matter.

Class enactment racketeering lawsuit

Plaintiff Keith Johnson filed the people enactment racketeering suit against Musk and his companies connected June 16, 2022.

The suit accused Musk of promoting a pyramid strategy and intentionally driving up the terms of DOGE earlier it crashed, contempt knowing that it had nary intrinsic value. The investors assertion that Musk and the Dogecoin Foundation profited from this strategy to the tune of billions.

According to the lawsuit, Musk “is and has been afloat aware” that his tweets would person an interaction connected Dogecoin’s price, marketplace headdress and trading volume. It further states that each specified endorsement has caused millions of radical to put their wealth successful the meme coin.

The suit besides claims that Dogecoin is simply a information and a pyramid scheme. However, it uses statements made by salient figures similar Charlie Munger and regulators similar the Reserve Bank of India to enactment its assertions.

The plaintiffs are seeking compensation of astir $258 billion. The lawsuit remains pending successful the Southern District Court of New York.

The station Musk asks tribunal to disregard $258B DOGE racketeering lawsuit appeared archetypal connected CryptoSlate.