Tech billionaire Elon Musk, known for his ventures in the space of electric vehicles and space exploration, has recently faced accusations regarding his alleged ownership of Dogecoin wallets. These accusations have arisen in the midst of a substantial class-action lawsuit, filed against Musk for securities fraud and market manipulation related to Dogecoin, the popular meme-based cryptocurrency.
In response to these allegations, Musk’s lawyer, Alex Spiro, has strongly refuted the claims on behalf of his client. Spiro has vehemently denied any association between Musk and the Dogecoin wallets mentioned in the lawsuit, challenging the competency and factual basis of the opposing party’s assertions.
“The wallets you claim ‘belong’ to Defendants are purely speculative allegations without any substantial evidence,” Spiro stated in a letter obtained by The New York Post. He went on to assert that the only basis for these claims is the fact that these wallets were involved in the sale of Dogecoin during a period when its prices were rising, as mentioned in the Third Amended Complaint.
The lawsuit’s third amendment specifically links digital wallets, purportedly owned by Musk and his electric vehicle company Tesla, to transactions made between April 3 and April 6. This time period coincided with Musk’s decision, in his role as the CEO of Twitter, to change the social media platform’s logo from the iconic blue bird to the Shiba Inu, the beloved mascot of Dogecoin. As a direct consequence of this logo alteration, the price of Dogecoin experienced a substantial surge, increasing by 30% from $0.07705 to $0.10109.
Furthermore, the third amendment claimed that Musk’s ownership of the alleged wallets could be established through a tweet he posted on February 21. In the tweet, Musk humorously mentioned buying Dogecoin for his child. However, it is important to note that the FUD (fears, uncertainties, doubts) circulating online, casting doubt on Musk’s ownership of any Dogecoin wallets, contradicts statements made by the tech billionaire himself.
In previous years, Musk openly admitted to acquiring Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) out of curiosity. He clarified that his interest in these cryptocurrencies was merely for exploration and understanding. Musk emphasized that while he acknowledges the potential of cryptocurrencies, he does not advocate blindly investing in them. Instead, he believes in the value of creating innovative products and providing beneficial services to humanity.
Elon Musk’s lawyer has categorically denied the accusations linking his client to the Dogecoin wallets mentioned in the class-action lawsuit. The defense argues that the claims lack substantial evidence and are primarily based on speculative assumptions. Musk himself has previously expressed curiosity about cryptocurrencies but emphasizes the importance of focusing on creating tangible value for society.