Elon Musk Demands That The Lawsuit Of $258 Billion Be Dropped

Asher Tame
Asher Tame Crypto Finance
2 Min Read

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.

elon musk demands that the lawsuit of 258 billion be dropped 2

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.

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Asher Tame
By Asher Tame Editor-in-chief
Hi there! My name is Asher, and I'm a Finance Editor based in Canada. I'm passionate about all things finance and have spent years honing my skills in the industry. I graduated from the Master of Finance program at the University of Toronto, which provided me with a strong foundation in financial theory and practice. Since then, I've worked in a variety of finance-related roles, including as a financial analyst and a financial advisor. These experiences have given me a deep understanding of the industry and a keen eye for detail. As a Finance Editor, I'm responsible for overseeing the financial content produced by my team of writers. I work closely with them to ensure that our articles are accurate, insightful, and relevant to our readers. I'm committed to providing our readers with the information they need to make informed decisions about their finances.
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