Tesla CEO Elon Musk requested the dismissal of a $258B Dogecoin (DOGE) lawsuit that alleges him of conducting a Ponzi scheme to support the popular cryptocurrency.
In the filing, Musk's lawyers defined the lawsuit as a fanciful work of fiction.
- The lawyers said the case is based on Musk's harmless and often silly tweets about Dogecoin.
- They also stated that Musk's statements in his tweets were too vague to support fraud.
- The
filing pointed out that supporting a legal cryptocurrency with a $10B
market cap through tweets or funny pictures is not unlawful.
- Musk's lawyers also underlined that Dogecoin cannot be classified as a security, rejecting the plaintiffs' claims.
- In
the lawsuit, plaintiffs claim that Musk deliberately caused Dogecoin's
price to jump over 36,000% in two years before allowing it to plummet.
- The lawsuit named Musk-led companies, including Tesla, SpaceX, and The Boring Company, in addition to Musk himself.
- The
defendants include Dogecoin Foundation, a non-profit organization
providing support for Dogecoin, and it also seeks the dismissal of the
lawsuit.
- Especially in 2021, Elon Musk paved the way for Dogecoin to increase in value through his Twitter posts many times.
- Musk's
companies, Tesla, SpaceX, and The Boring Company, also supported the
popular cryptocurrency by accepting it as a payment method for several
commercial products and services.
- Despite all the backlash, in 2022, Musk tweeted that he would continue supporting DOGE wherever possible.
