Billionaire Elon Musk is reportedly asking a choose to dismiss the multi-billion-dollar lawsuit filed in opposition to him for allegedly illegally selling Dogecoin (DOGE).
In keeping with a brand new report by Reuters, attorneys representing the Tesla chief government are asking a choose to throw out the $258 billion lawsuit filed by a gaggle of traders that accuses him of perpetrating a pyramid scheme.
Musk’s legal professionals say that the lawsuit is a piece of fiction, and that Musk’s statements about Dogecoin have been too obscure and foolish to be thought of precise endorsements of an asset. Moreover, the attorneys word that DOGE is a official cryptocurrency with a market of cap of about $10 billion.
As said by his legal professionals, in response to Reuters,
“There’s nothing illegal about tweeting phrases of help for, or humorous photos about, a official cryptocurrency that continues to carry a market cap of almost $10 billion. This court docket ought to put a cease to plaintiffs’ fantasy and dismiss the criticism.”
The traders’ lawsuit claims that Musk purposely drove the worth of Dogecoin up by 36,000% over a span of two years, earlier than letting it crash. The lawsuit additional claims that Dogecoin was a safety and that Musk knew that it had no intrinsic worth.
In keeping with the report, The Dogecoin Basis can be named as a defendant and is asking the court docket to dismiss the lawsuit as nicely.
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