Investors who believe that Elon Musk operated a pyramid scheme to promote the cryptocurrency Dogecoin have filed a lawsuit against him for a total amount of $258 billion. According to reports, Elon Musk and his legal team have asked a judge in the United States to dismiss the lawsuit. The investors claim that they lost a total of $258 billion. The investors assert that they suffered a combined loss of 258 billion dollars (DOGE).
When Elon Musk’s attorneys arrived before the federal court in Manhattan on March 31, they called the action brought forward by investors in Dogecoin a “fanciful work of fiction,” according to a report that was published by Reuters on April 1.
It was said that Musk’s counsel referred to his thoughts regarding Dogecoin on Twitter as “innocuous and often absurd comments” in a bid to persuade the judge to dismiss the $258 billion lawsuit against their client. This was done in an effort to get the lawsuit against Musk dismissed.
Musk’s legal team contended that their client’s statements about Dogecoin, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” were “too ambiguous” to warrant a fraud accusation and offered an explanation for their reasoning. The attorneys made the following points:
According to what the author has said, breaching the law by tweeting “words of support for, or humorous images about, a genuine cryptocurrency that continues to have a market cap that’s approaching $10 billion is not committing any crime.” “None of these things constitutes a violation of the law.”
Investors referenced Elon Musk’s appearance on Saturday Night Live as a reference point in their case against the corporation. During his appearance, Musk portrayed a fake financial expert and referred to Dogecoin as “a scam.”
According to the contents of an email that supposedly came from the attorney who represents the investors, Evan Spencer, the investors’ legal team is more confident than they have ever been that their lawsuit would be successful.