Report: Elon Musk Requests US Judge to Halt $258 Billion Dogecoin Lawsuit
According to a recent report by CNBC, lawyers representing Elon Musk and his electric car company Tesla (TSLA) have asked a U.S. judge to dismiss a lawsuit worth $258 billion against him. The lawsuit alleges that Musk arranged a pyramid scheme to boost the price of a popular memecoin, dogecoin (DOGE-USD), only to let it crash later. The request to dismiss the lawsuit was filed in a Manhattan court.
The Attorneys contended that the individuals who filed a lawsuit against Musk concerning the dogecoin (DOGE-USD) didn't provide any evidence to support their claim of fraud, and dismissed the complaint as a "creative piece of imagination."
In 2021, the cryptocurrency Doge experienced a significant rise in value, also known as a bull run. Elon Musk, who has a large following on Twitter with 133.5 million followers, frequently made ambiguous declarations on the social media website. These posts had an immediate impact on the value of Doge, either increasing or decreasing. Despite peaking at a record-high of $0.64 in May 2021, Doge is now only worth $0.08.
According to Musk's legal team, sharing messages of encouragement or humorous graphics related to a valid digital currency that still maintains a worth of nearly $10 billion is not a violation of any laws. The lawyers argue that the plaintiffs' claims are unfounded and baseless, and request that the case be dismissed.
Doge (DOGE-USD) experienced a significant jump of 9% on June 19, 2022, following Musk's announcement that he will be purchasing the cryptocurrency and continuing to show his support for it.
