Monday, May 29, 2023

Tesla and Twitter CEO Elon Musk has asked a court in the United States to throw out a massive lawsuit for $258 billion against him made by dogecoin investors. They said that the rich man was running an illegal scheme to advertise dogecoin, which is a meme cryptocurrency. But his lawyer said it is fine because “there is nothing wrong with tweeting words of support or funny pictures related to a legitimate cryptocurrency worth almost $10 billion”.

Is the Dogefather’s Doge Dream True? Billionaire Elon Musk Responds to Lawsuit over Dogecoin

Elon Musk, who leads Tesla and Twitter, asked a judge in America on Friday to throw out a lawsuit that claims he started an illegal way of making money using dogecoin (DOGE). The complaint (Johnson et al v. Musk et al), which was filed at the U.S. District Court in New York, said Elon and his companies wrongly told people that dogecoin is a good investment even though it doesn’t have any actual value.

Friday, Tesla CEO Elon Musk’s lawyers declared that a lawsuit given by dogecoin investors was incorrect. The lawsuit suggested that Musk tricked people with his “silly tweets” about the meme cryptocurrency, yet the lawyers argued that he didn’t try to deceive anybody and that his tweets were too unclear to support the fraud accusation. Words like “Dogecoin Rulz” and “no highs, no lows, only Doge” were considered “innocuous” expressions and not truly fraudulent.

But lawyers said that it is okay to tweet nice words and funny pictures on cryptocurrencies that have a value of almost $10 billion. The court should reject this case and end this story.

Elon Musk and his team had a disagreement with the investors of dogecoin and said that dogecoin doesn’t fit the description of being classified as a security. The head of the US Securities and Exchange Commission, Gary Gensler, believes that almost all cryptocurrencies, other than Bitcoin, are considered securities but many people don’t agree with him.

Evan Spencer, who is the lawyer for the people who bought dogecoin, said he is sure that their case will win in court.

Investors said that Musk made a lot of money quickly by increasing the value of dogecoin (a type of cryptocurrency) by over 36,000%. So while other people were losing money, he got rich because he knew the currency didn’t actually have any real worth. On top of that, during an appearance on Saturday Night Live, Musk joked about dogecoin being “a hustle,” implying that it was too good to be true.

Even though there’s a lawsuit, the CEO of Tesla and Twitter has said he will keep buying and supporting Dogecoin. People in the Dogecoin community like to call him the “Dogefather”. His electric car company, Tesla, already accept payments in this meme crypto currency and earlier this year, he promised he would eat a McDonald’s Happy Meal on TV if they also started to accept payments in Dogecoin.

Do you have an opinion about the court case against Elon Musk that was started by dogecoin investors? Leave your thoughts in the comments section below!


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