Mehron Rokhy
Billionaire Elon Musk is reportedly asking a judge to dismiss the multi-billion-dollar lawsuit filed against him for allegedly illegally promoting Dogecoin (DOGE).
According to a new report by Reuters, attorneys representing the Tesla chief executive are asking a judge to throw out the $258 billion lawsuit filed by a group of investors that accuses him of perpetrating a pyramid scheme.
Musk’s lawyers say that the lawsuit is a work of fiction, and that Musk’s statements about Dogecoin were too vague and silly to be considered actual endorsements of an asset. Furthermore, the attorneys note that DOGE is a legitimate cryptocurrency with a market of cap of about $10 billion.
As stated by his lawyers, according to Reuters,
“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. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
The investors’ lawsuit claims that Musk purposely drove the price of Dogecoin up by 36,000% over a span of two years, before letting it crash. The lawsuit further claims that Dogecoin was a security and that Musk knew that it had no intrinsic value.
According to the report, The Dogecoin Foundation is also named as a defendant and is asking the court to dismiss the lawsuit as well.
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