- Elon Musk faces $258 billion lawsuit
- Alleged Dogecoin pyramid scheme promotion
- Musk’s lawyers call tweets innocuous
Elon Musk and his legal team have reportedly urged a U.S. judge to dismiss the staggering $258 billion lawsuit brought forth by investors who claim the Tesla CEO engaged in a pyramid scheme to boost the cryptocurrency Dogecoin.
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As reported by Reuters on April 1, Musk’s lawyers dismissed the lawsuit filed by Dogecoin investors in a Manhattan federal court on March 31 as a “fanciful work of fiction.” They argued that Musk’s comments on Dogecoin $ 0.152927 -4.96% were merely lighthearted and harmless tweets that should not be the basis for a fraud claim.
In their attempt to persuade the judge to discard the multi-billion-dollar lawsuit, Musk’s legal team emphasized that his Dogecoin-related statements, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” were too vague to constitute fraud.
Musk’s attorneys pointed out that there is nothing illegal about tweeting supportive words or humorous images about a legitimate cryptocurrency that still maintains a market cap of nearly $10 billion. They argue that the plaintiff’s allegations are unfounded and that the lawsuit should be dismissed.
In other news, customers must withdraw their cash by April 30, since Bittrex US will cease operations on that date. Those who choose to continue trading on the exchange have until April 14 to do so. According to the exchange’s official announcement, customer funds are protected and backed 1:1.
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