{"id":19394,"date":"2023-04-02T00:28:27","date_gmt":"2023-04-02T00:28:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/elon-musk-asks-judge-to-dismiss-258b-dogecoin-lawsuit-insists-tweeting-support-for-doge-isnt-unlawful-featured-bitcoin-news\/"},"modified":"2023-04-02T00:28:27","modified_gmt":"2023-04-02T00:28:27","slug":"elon-musk-asks-judge-to-dismiss-258b-dogecoin-lawsuit-insists-tweeting-support-for-doge-isnt-unlawful-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/elon-musk-asks-judge-to-dismiss-258b-dogecoin-lawsuit-insists-tweeting-support-for-doge-isnt-unlawful-featured-bitcoin-news\/","title":{"rendered":"Elon Musk Asks Judge to Dismiss $258B Dogecoin Lawsuit \u2014 Insists Tweeting Support for DOGE Isn’t Unlawful \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Tesla and Twitter CEO Elon Musk has asked a U.S. judge to dismiss a $258 billion lawsuit filed against him by dogecoin investors. They alleged that the billionaire operated a pyramid scheme to promote the meme cryptocurrency dogecoin. \u201cThere 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,\u201d Musk\u2019s lawyer argued.<\/strong><\/p>\n

Elon Musk Wants Court to Dismiss Lawsuit by Dogecoin Investors<\/h2>\n

Elon Musk, CEO of Tesla and Twitter, asked a U.S. judge on Friday to dismiss a $258 billion<\/a> lawsuit alleging that he operated a pyramid scheme to promote the meme cryptocurrency dogecoin (DOGE). The lawsuit<\/a>, Johnson et al v. Musk et al, filed in the U.S. District Court for the Southern District of New York, alleges that Musk and his companies, Tesla and Spacex, \u201cfalsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.\u201d<\/p>\n

In a formal request filed Friday, Musk\u2019s legal team described the lawsuit brought by dogecoin investors as a \u201cfanciful work of fiction\u201d concerning Musk\u2019s \u201cinnocuous and often silly tweets\u201d about the meme cryptocurrency. They argued that the investors failed to clarify how Musk intended to defraud anyone or what risks he concealed. They also argued that the Tesla CEO\u2019s comments \u2014 such as \u201cDogecoin Rulz\u201d and \u201cno highs, no lows, only Doge\u201d \u2014 were too ambiguous to support a fraud allegation.<\/p>\n

Musk\u2019s lawyers detailed:<\/p>\n

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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 \u2026 This court should put a stop to plaintiffs\u2019 fantasy and dismiss the complaint.<\/p>\n<\/blockquote>\n

Musk\u2019s legal team also disputed the DOGE investors\u2019 assertion that dogecoin met the criteria to be classified as a security. While the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has said in a few interviews that all crypto tokens<\/a>, except bitcoin, are securities, many people have argued that his opinion is not the law.<\/p>\n

Nonetheless, Evan Spencer, the lawyer representing the dogecoin investors, stated in an email: \u201cWe are more confident than ever that our case will be successful.\u201d<\/p>\n

According to the investors, Musk intentionally drove up the value of dogecoin by over 36,000% over two years, only to subsequently let it crash. They claimed that this resulted in billions of dollars in profits for Musk while other dogecoin investors suffered, despite Musk being aware that the meme cryptocurrency lacked any intrinsic value. Additionally, the investors cited Musk\u2019s appearance on Saturday Night Live, where he portrayed a fictional financial expert and referred to dogecoin as \u201ca hustle.\u201d<\/p>\n

Despite the lawsuit, the Tesla and Twitter boss confirmed that he will continue to buy and support DOGE. Musk is known in the dogecoin community as the Dogefather. His electric car company, Tesla, accepts<\/a> the meme crypto for some merchandise, and earlier this year, he reaffirmed that he will eat a McDonald\u2019s Happy Meal<\/a> on TV if the fast food chain accepts payments in dogecoin.<\/p>\n

Do you think the judge should dismiss the lawsuit against Elon Musk by dogecoin investors? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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