Elon Musk’s lawyers filed a lawsuit this week asking the court to dismiss a $258 billion lawsuit in which the businessman was accused of supporting the Dogecoin cryptocurrency, which is allegedly a pyramid scheme. Lawyers for the billionaire have filed a petition in federal court in Manhattan, calling the Dogecoin investor lawsuit a “bizarre fabrication” due to Musk’s “harmless tweets” about cryptocurrency.
The lawyers said in a statement that the plaintiffs never explained exactly how Musk intended to deceive anyone or what risks associated with Dogecoin he deliberately concealed. In their opinion, the statements of the billionaire about cryptocurrency on Twitter are too vague to be called fraudulent.
“There is nothing illegal about tweeting words of support or funny pictures related to a cryptocurrency that still has a market capitalization of almost $10 billion. The court should put an end to the plaintiffs’ fantasies by dismissing their complaint,” Musk’s lawyers said in a statement.
Recall that in a class action lawsuit, investors accused Elon Musk of deliberately raising the value of Dogecoin by more than 36,000% over two years, and then contributing to a sharp drop in the cryptocurrency rate. According to the plaintiffs, the companies owned by the businessman received billions of dollars in profits at the expense of other investors.
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