Elon Musk’s legal team seeks dismissal of $258 billion lawsuit over Dogecoin – Thebanksathi
%20(1).png "Elon Musk Seeks Dismissal of $258 Billion Lawsuit Over Dogecoin")
Elon Musk’s legal team is requesting the dismissal of a $258 billion lawsuit that accuses the Tesla CEO of operating a scheme to support the meme cryptocurrency Dogecoin. The lawsuit was filed last June by Dogecoin investors seeking damages.
Musk’s lawyers also argued that there is nothing illegal about tweeting support for a legitimate cryptocurrency that holds a market cap of nearly $10 billion. They rejected the idea of Dogecoin being classified as a security and noted that Musk’s comments, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” are too vague to support a fraud claim.
The Dogecoin investors claimed that Musk intentionally drove up the meme cryptocurrency’s price before letting it crash, generating billions in profit at the expense of other Dogecoin investors. The lawsuit also cited Musk’s comment about Dogecoin during his Saturday Night Live (SNL) appearance, where he called it a “hustle.”
Despite his open support for Dogecoin, Musk has always advised caution with digital currencies and recommended against investing one’s life savings in them. He has also stated that crypto should be considered speculation at this point. Overall, the $258 billion lawsuit against Musk may be difficult to prove.
“First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s silly. But if you want to speculate and maybe have some fun, there’s a good chance that crypto is the future currency of the earth. And then, it’s like, which one is it going to be? Maybe it’s multiple. But at this stage that must be considered speculation. So don’t get too far on the crypto speculation side,” Musk said.