Elon Musk, one of the richest men on the planet, recently requested the dismissal of the Dogecoin lawsuit. In the lawsuit, investors claimed that dogecoin is just a pyramid scheme and claimed $258 billion in damages. They also said that Elon Musk acted like a financial expert when talking about Dogecoin and also called it “a hustle.” This is something that has enraged investors who faced heavy losses by investing in Dogecoin.
Elon Musk wants the lawsuit to be dismissed
Elon’s lawyers are trying to convince the judge on the case that the huge lawsuit is nothing but a “fanciful work of fiction.” His lawyers called his tweets silly and not harmful or offensive. They do not have bad intentions, according to the lawyers. These statements were made to make the judge just dismiss the case.
His lawyers also talked about some of Elon’s tweets, saying that they were just too vague to be claimed as fraud. Some of these tweets are “Dogecoin Rulz” and “no highs, no lows, only Doge.” They had their own logic about it, saying that tweeting funny pictures or supporting a very real cryptocurrency that has a market cap of almost $10 billion is not unlawful.
No matter what anyone says, Elon did affect investors
One could say that Elon didn’t have any wrong intention when he tweeted and voiced his support for Dogecoin. However, the effects of his tweets could be easily seen in the market. Whenever he used to say anything about Dogecoin, the price of the coin jumped significantly, only to drop later. There was also a major rally when Elon Musk was scheduled to appear in the SNL. This motivated a lot of people to invest in Dogecoin. When you have such a high influence over people, it’s important to be cautious about your social media presence.
From the start of the SNL show to the end, the cryptocurrency lost more than 25% of its value, falling from a high of 74 cents to nearly 50 cents. After this, no matter what he tried, the price never jumped back, and investors were left holding bags. Since then, he hasn’t been much vocal about his support for Dogecoin, but the billionaire did start working with devs to improve the functionality of Dogecoin.
What are your thoughts as Elon Musk calls for the dismissal of the Dogecoin lawsuit? And do you think filing a $258 billion lawsuit is too far-fetched? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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