Cryptocurrency

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

Elon Musk and his lawyers reportedly requested a United States judge to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE).

According to an April 1 Reuters report, Elon Musk’s lawyers referred to the lawsuit filed by Dogecoin investors, a “fanciful work of fiction,” in Manhattan’s federal court on March 31.

It was reported that Musk’s lawyers referred to his Dogecoin statements as “innocuous and often silly tweets,” in an effort to convince the judge to “throw out” the multi-billion dollar lawsuit.

Musk’s lawyers explained that his Dogecoin-related statements – including “Dogecoin Rulz” and “no highs, no lows, only Doge” – were “too vague” to warrant a fraud claim. The lawyers noted:

“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.”

Investors cited Musk’s Saturday Night Live appearance where he portrayed “a fictitious financial expert,” and referred to Dogecoin as “a hustle,” a reference point in the lawsuit.

The lawyer representing the investors, Evan Spencer, reportedly stated in an email that “we are more confident than ever that our case will be successful.”

This is a developing story, and further information will be added as it becomes available.

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