Elon Musk demands dismissal of a $258 billion Dogecoin lawsuit
The plaintiff referenced Musk’s appearance on Saturday Night Live in 2021, in which he portrayed a “fictitious financial expert” and referred to Dogecoin as “a scam,” resulting in a sharp price decline minutes later.
Elon Musk and his attorneys asked a United States magistrate to dismiss a $258 billion lawsuit filed by investors claiming he promoted Dogecoin through a pyramid scheme.
Elon Musk’s attorneys reportedly called the June 2022 case brought against him by Dogecoin owners in Manhattan’s federal court a “fanciful work of fiction” on March 31.
Musk’s attorneys explained that his support for Dogecoin on social media, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” was “too vague” to necessitate a fraud claim. The attorneys stated:
“Nothing is illegal about broadcasting words of support for or humorous images of a legitimate cryptocurrency with a market capitalization of nearly $10 billion.”
To convince the judge to “throw out” the multibillion-dollar lawsuit, Musk’s attorneys referred to his tweets about Dogecoin as “harmless and frequently silly.”
As stated in the original complaint from last year, Musk “used his pedestal as World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme,” which was accused of increasing the price of Dogecoin by “more than 36,000% over two years and then letting it crash.”
The lawsuit reportedly references Musk’s appearance on Saturday Night Live in May 2021, in which he portrayed a “fictitious financial expert” and referred to Dogecoin as “a scam.”
Musk appeared to make numerous efforts after his television appearance to rekindle people’s interest in Dogecoin.
A few days later, he informed his Twitter followers that he was collaborating with “Doge developers to improve system efficiency,” which could be “potentially promising.”
During the March 2022 market collapse, Musk informed his Twitter followers that he would not sell his Bitcoin and DOGE holdings.