Elon Musk and his lawyers have requested a US judge to dismiss the $258 billion lawsuit filed by investors who alleged that he promoted the cryptocurrency Dogecoin as a pyramid scheme. Musk’s lawyers referred to the lawsuit as a “fanciful work of fiction,” and called his Dogecoin-related comments “innocuous and often silly tweets.” They argued that his statements were “too vague” to warrant a fraud claim, and there was nothing unlawful about tweeting words of support for a legitimate cryptocurrency with a market cap of nearly $10 billion.
The investors cited Musk’s Saturday Night Live appearance where he called Dogecoin “a hustle” as a reference point in the lawsuit. However, Musk’s lawyers argued that the comment was made in the context of a comedy show and was not intended to be taken seriously. They further explained that the investors’ claims were based on speculation and conjecture and lacked any factual basis.
The lawyer representing the investors, Evan Spencer, stated that they were more confident than ever that their case would be successful. However, Musk’s lawyers remain optimistic that the judge would dismiss the case, as they believe the investors have failed to provide any concrete evidence to support their claims.
The lawsuit has been closely watched by the cryptocurrency community, as it could set a precedent for future cases involving celebrity endorsements of digital assets. Many experts believe that the case is unlikely to succeed, as it would be challenging to prove that Musk’s tweets were intentionally designed to defraud investors.
In summary, Elon Musk and his lawyers are seeking to dismiss the $258 billion lawsuit filed by investors who accused him of promoting Dogecoin as a pyramid scheme. Musk’s lawyers have argued that the investors’ claims lack factual basis and are based on speculation and conjecture. The lawsuit has been closely watched by the cryptocurrency community, and experts believe that it is unlikely to succeed.
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