Billionaire Elon Musk is reportedly asking a judge to dismiss the multi-billion-dollar lawsuit filed against him for allegedly illegally promoting Dogecoin (DOGE).
According to a new report by Reuters, attorneys representing the Tesla chief executive are asking a judge to throw out the $258 billion lawsuit filed by a group of investors that accuses him of perpetrating a pyramid scheme.
Musk’s lawyers say that the lawsuit is a work of fiction, and that Musk’s statements about Dogecoin were too vague and silly to be considered actual endorsements of an asset. Furthermore, the attorneys note that DOGE is a legitimate cryptocurrency with a market of cap of about $10 billion.
As stated by his lawyers, according to Reuters,
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
The investors’ lawsuit claims that Musk purposely drove the price of Dogecoin up by 36,000% over a span of two years, before letting it crash. The lawsuit further claims that Dogecoin was a security and that Musk knew that it had no intrinsic value.
According to the report, The Dogecoin Foundation is also named as a defendant and is asking the court to dismiss the lawsuit as well.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
