Elon Musk, CEO of SpaceX and Tesla, has requested a federal judge in the United States to dismiss a $258 billion lawsuit launched against him last year. This case accuses Musk of manipulating the price of Dogecoin (DOGE) in the way of a Ponzi scheme, resulting in a significant reduction in its value.
According to Reuters reporters, Elon Musk would have requested an American judge to dismiss the $258 billion dollar case filed against him last year. The case in question, filed by an investor in June 2022, accuses the CEO of SpaceX and Tesla of manipulating the price of DOGE in the manner of a Ponzi scheme.
The Lawyers of Elon Musk are Positive about the Situation
Some people accused Elon Musk based on the reduction in the value of DOGE when Elon Musk appeared on a television program as a fictional financial expert and declared Dogecoin a “scam.”
Consequently, Elon Musk‘s attorneys would have defined the complainant’s earlier complaint as a “work of fantastic fiction” in the context of the latest request. They defend their client by claiming that some of the billionaire’s statements, such as “Dogecoin Rulz” or “no highs, no lows, only Doge,” were simply too ambiguous to warrant such a lawsuit. “There is nothing criminal about tweeting words of encouragement or amusing graphics about a genuine cryptocurrency with a market value of roughly $10 billion,” the lawyers stated.
Elon Musk is Specifically Accused of Pump-and-Dump
Elon Musk is specifically accused of pump-and-dump insofar as he reportedly contributed to pushing DOGE up over 36,000% over 2 years before dropping it, albeit making a few favorable exits.
Together with Elon Musk and his lawyers, the Dogecoin Foundation is requesting that the case be rejected. The plaintiff’s lawyer, for his part, says he is more confident than ever in the outcome of his client’s case.