Elon Musk Requests Dismissal Of $258B On Dogecoin Lawsuit Report
Plaintiffs bring up Musk’s 2021 Saturday Night Live appearance, in which he played a “fictional financial expert” called Dogecoin “hustle,” leading to sharp price drop minutes later.
Elon Musk and his attorneys asked a U.S. judge to dismiss a $258 billion lawsuit filed by investors who alleged they ran a pyramid scheme to sell cryptocurrency Dogecoin DOGE ticker or for $0.08 less.
Key Takeaways
- Plaintiffs bring up Elon Musk’s role as a fictional financial expert on Saturday Night Live in 2021.
- Elon Musk has been accused of jumping Dogecoin prices by more than 36,000% in two years.
- DOGE’s price plummeted more than 25% from its high of $0.66 after the TV appearance.
- Investors cited Elon Musk’s appearance on Saturday Night Live in May 2021.
- In March 2022, Elon Musk told his Twitter followers he would not sell crypto assets.
According to a Reuters report on April 1, Elon Musk’s attorneys said on March 31 that the lawsuit against Elon Musk, filed by Dogecoin investors in June 2022 in federal court in Manhattan, was “fictitious.”
Elon Musk’s attorney said his endorsement of Dogecoin on social media, including comments like “Dogecoin Rulz” and “No up, no down, just Doge,” was “vague” to justify a fraud lawsuit too much.” Lawyer said:
“It is not illegal to tweet endorsements or funny pictures of a legitimate cryptocurrency that continues to maintain a market capitalization of nearly $10 billion.”
Elon Musk has been accused of “jumping the price of Dogecoin by more than 36,000% in two years and then crashing”, and in his first filing last year, he “used a pedestal as the richest person in the world to claim Dogecoin.” It claims to have manipulated and manipulated the pyramids.”
Investors cited Elon Musk’s appearance on Saturday Night Live in May 2021, where he played a “fictional financial expert” called Dogecoin “hustle” as a point of reference for a lawsuit.
@cb_doge TWEET
Minutes after the TV appearance, DOGE’s price plummeted by more than 25%, dropping from a high of $0.66 at the show’s start to just $0.50.
After his television appearance, Elon Musk did a lot to rekindle people’s enthusiasm for Dogecoin.
A few days later, he shared with his Twitter followers that he was “working with Doge’s developers to improve system efficiency,” or that this could be “potentially promising.”
During the March 2022 market crash, Elon Musk told his Twitter followers that he would not sell crypto assets, including Bitcoin BTC ticker, about $28,448, Ether ETH, about $1,827, and DOGE.
“We are more confident than ever that our case will be successful,” Evan Spencer, investor’s attorney said in an email.
Tesla CEO Elon Musk has requested a dismissal of a $258 billion class-action lawsuit filed against him for allegedly manipulating the cryptocurrency Dogecoin. The lawsuit was filed in May this year by a group of investors who claimed that Elon Musk’s tweets about Dogecoin caused them to lose money.