Simon Ng Elon Musk, the CEO of Tesla and Twitter, has asked a judge to cancel a lawsuit with an amount of $258 billion that was filed against him by dogecoin investors. These people thought Elon was running a wrong scheme to make people invest in meme cryptocurrency dogecoin. However, Musk’s attorney stated that it is normal to support a valid cryptocurrency, like dogecoin which is holding 10 billion dollars as its market cap.
Elon Musk vs The Dogecoin Investors
Elon Musk, the CEO of Tesla and Twitter, is trying to get rid of a lawsuit worth over $258 billion by asking a judge to dismiss it. The lawsuit claims that he tricked people into believing that Dogecoin (a type of cryptocurrency) was a valuable investment when it actually had no value.
Musk’s lawyers said the lawsuit against him by dogecoin investors was an exaggerated tale of his “joking tweets” about the meme cryptocurrency. They added that Musk had not intentionally tried to mislead anyone and his comments were too unclear to accuse him of fraud. His quotes included things like “Dogecoin Rulz” and “no highs, no lows, only Doge” which probably won’t fool anyone easily.
Musk’s lawyers said it is okay for Musk to tweet nice things or funny pictures about a cryptocurrency. They think the court should stop people from making up things and throw away their complaint.
Elon Musk’s lawyers argued that dogecoin did not meet the requirements to be called a security. However, Gary Gensler, who is the chairman of the U.S. Securities and Exchange Commission (SEC), thinks all crypto tokens except bitcoin should be classified as securities. People are disagreeing with his point of view since it is not an official law yet.
Evan Spencer, the lawyer defending the dogecoin investors, confidently said in an email: “We think our case will be successful”.
Investors claim that Elon Musk made billions of dollars by driving up the value of dogecoin and then letting it crash. Dogecoin is a type of cryptocurrency, but it doesn’t actually have any real value. On Saturday Night Live, Musk joked about this fact and referred to dogecoin as “a hustle.”
Despite a legal issue, Elon Musk said he will still buy and support Dogecoin. He is known around the dogecoin community as the ‘Dogefather’. His electric car company Tesla lets you use dogecoin to buy some of their products. Also, earlier this year, Elon Musk promised that he’ll eat a McDonald’s Happy Meal on TV if McDonald’s allows payments in dogecoin.
Do you think the court should throw out the case against Elon Musk because of dogecoin investors? Tell us what you think in the comments section below.
