Musk asks judge to dismiss $258 billion class action lawsuit filed by Dogecoin investors

2023-04-02 09:03:23

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ChainCatcher news, Elon Musk on Friday asked a U.S. judge to dismiss a $258 billion class-action lawsuit filed against him by Dogecoin investors. In a filing submitted to the Manhattan federal court, Musk and his lawyers from electric vehicle company Tesla (TSLA.O) stated that the lawsuit brought by Dogecoin investors over Musk's "harmless and often silly tweets" is a "fantasy novel." The lawyers argued that the investors never explained how Musk intended to deceive anyone or what risks he allegedly concealed. Musk's statements like "Dogecoin Rulz" and "no highs, no lows, only Doge" are too vague to support fraud claims.

Previously, ChainCatcher reported that the lawsuit was filed in June last year, accusing Musk of illegal promotion through the meme coin Dogecoin, such as portraying Dogecoin as a "legitimate investment" on his social media profiles, artificially inflating its price, and profiting "hundreds of billions of dollars" in this manner. At the same time, he was aware that Dogecoin lacked intrinsic value, and its value "depends entirely on marketing." (source link)

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