Elon Musk on Friday asked a US court to dismiss a $258 billion lawsuit that accuses him of essentially creating a financial pyramid against the backdrop of supporting the Dogecoin cryptocurrency.
Elon Musk’s lawyers called the Dogecoin investor lawsuit a “bizarre fabrication” due to Musk’s “harmless and often silly tweets” about Dogecoin. Lawyers said the investors never explained how Musk intended to deceive anyone or what risks he was hiding, and that his statements such as “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to accuse him of cheating.
“It’s not against the law to post words of support or funny pictures on Twitter of a legitimate cryptocurrency that still has a market cap of almost $10 billion,” Musk’s lawyers said. m This court should put an end to the imagination of the plaintiffs and dismiss the complaint.
Investor lawyer Evan Spencer wrote in an email: “We are more confident than ever that our case will succeed.” Investors accused Musk, the second-richest person in the world according to Forbes, of deliberately pushing the price of Dogecoin over 36,000% over two years and then allowing it to crash. They claim it generated billions of dollars in profits at the expense of other Dogecoin investors, even though Musk knew the currency lacked intrinsic value.
The $258 billion in damages is three times the alleged decline in Dogecoin’s market value in the 13 months prior to the filing of the lawsuit.
At the same time, the state of Musk himself today is about $ 187 billion.