Elon Musk, the CEO of SpaceX and Tesla, has asked a US judge to dismiss a $258 billion lawsuit filed against him last year. This complaint accuses Musk of having manipulated the price of Dogecoin (DOGE) in the manner of a Ponzi scheme, which would have caused a substantial drop in its value.
Elon Musk asks for the cancellation of a substantial complaint against him
According to our colleagues at Reuters, Elon Musk reportedly asked US judge to dismiss $258 billion suit performed on him last year. The complaint in question, issued in June 2022 by an investor, accuses the CEO of SpaceX and Tesla to have manipulated the course of the DOGE like a Ponzi scheme.
A sum calculated on the basis of DOGE’s drop in value after Elon Musk went on TV show in which he played a fictional financial expert, and during which he called Dogecoin a “scam”.
Thus, Elon Musk’s lawyers would have, in the context of the request filed in recent days, qualified the complaint initially filed by the plaintiff as “ whimsical work of fiction “. They defend their client by arguing that certain comments from the billionaire such as “ Dogecoin Rulz ” or “ no highs, no lows, only Doge were far too vague to justify such a complaint:
“There is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that continues to have a market capitalization of nearly $10 billion. »
Specifically, Elon Musk is accused of pump and dump insofar where he would have participated in increasing the DOGE by more than 36,000% over 2 years before dropping italthough he subsequently made some positive outings regarding the memecoin.
The Dogecoin Foundation is also asking for the complaint to be dismissed alongside Elon Musk and his lawyers. For his part, the plaintiff’s lawyer believes that he was more than ever “ confident in the success of our business “.
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Source: Reuters
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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