Elon Musk’s Legal Team Urges Dismissal of Dogecoin Lawsuit

The legal team for billionaire Elon Musk is moving swiftly to end the dispute regarding Dogecoin (DOGE). Musk’s attorneys have submitted a move to dismiss the lawsuit, calling it “frivolous,” and claiming that the Plaintiffs’ claims are based on the lighthearted memes that the Tesla CEO posted.

Legal Filing Seeks Dismissal

Musk’s legal team claims in a fresh court document that it is time to conclude the pointless legal battle. The rationale supporting the move for dismissal “without prejudice” is that the Plaintiffs’ claims lack a firm legal basis. The attorneys stress that Musk’s promotion of DOGE, a cryptocurrency with a market valuation of more than $11 billion and inspired by memes, is not inherently troubling.

The court filing states, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a cryptocurrency that holds a market capitalization of over $11 billion.”

Challenges to the Plaintiffs’ Claims

A group of Dogecoin investors first filed lawsuit against Musk in June 2022, claiming that Musk had caused their losses by manipulating the price of the digital currency. However, Musk’s legal team has strongly refuted these allegations. They contend that the claims made by the Plaintiffs are unfounded and are based solely on Musk’s tweets concerning DOGE.

The claims that Musk owned a Dogecoin wallet and sold a significant sum of the cryptocurrency are further addressed by Musk’s response. These allegations are refuted by the legal team, confirming that Musk’s tweets were appropriate given the humorous character of memecoin.

Intricacies of the Legal Battle

The legal battle has gone through its fair number of detours. Musk’s legal team has argued that the case needs to be dismissed since prior attempts to alter the case have failed. Additionally, allegations of leaks of personal correspondence between the two parties to the lawsuit have surfaced, complicating an already complex legal dispute.