Elon Musk asks dismissal of $258 billion lawsuit against Dogecoin

Elon Musk has a history of expressing his views on a variety of topics, and is well known for having a strong interest in his favourite coin, Dogecoin. And now he's in hot water because of Dogecoin.

According to reports by Reuters, Elon Musk, the Chief Executive of Tesla, is requesting that the judge dismiss the $258 billion lawsuit brought against him for allegedly promoting Dogecoin unlawfully.

A fanciful piece of fictional complaint

The complaint was described as a "fanciful piece of fiction" by Elon Musk's lawyers. Musk's lawyers said in federal court in Manhattan that the case brought by Dogecoin investors is nothing more than fictional work. They added that it was brought about by Musk's "harmless and frequently foolish tweets" regarding Dogecoin.

Musk's lawyers also highlighted Musk's failure to illustrate how his tweets were intended to defraud anyone. They also stated that Musk's statements, such as "Dogecoin Rulz" and "no highs, no lows, only Doge," were not enough to prove fraud.

According to lawyers, "There is nothing illegal about tweeting words of support for, or funny pictures of, a legitimate cryptocurrency with a market cap of nearly $10 billion. This court should put an end to the plaintiff’s fantasy by rejecting the complaint.”

The price of Dogecoin has definitely risen in response to the news. Dogecoin was trading at $0.07915 at the time of writing, a 3.5 percent decrease in value over the previous 24 hours. However, there was a 6 percent increase following the lawsuit news.

The $258 billion lawsuit's history

In June 2022, a plaintiff by the name of Keith Johnson filed a $258 billion lawsuit in federal court in Manhattan on behalf of a group of Dogecoin investors. Musk was accused by the man of hyping Dogecoin's advantages and causing a pump-and-dump scenario for the cryptocurrency.

Additionally, it was claimed in the lawsuit that Musk actively pushed Dogecoin despite knowing that since 2019 it had no value in order to make money from its trade. It also mentioned how Musk had used the Dogecoin pyramid scheme for gain, attention, and entertainment. They also decided to seek an injunction to prevent Elon Musk and his companies from promoting Dogecoin.

Elon Musk appears unconcerned about the lawsuit, tweeting frequently about the memecoin. He is no stranger to lawsuits over his tweets, which have previously sparked controversy.