Elon Musk’s lawyers are trying to dismiss a $258 billion lawsuit filed in June 2022 seeking compensation for “participation in a crypto pyramid scheme” involving Dogecoin. Elon Musk is accused of using his position as the world’s richest person to manipulate the Dogecoin pyramid scheme for profit. This is a reasonable part of the lawsuit as manipulation can be proven, but whether it can be proven that he profited from it is another question.
However, this part of the lawsuit seems absurd: the lawsuit also calls for a ruling declaring Dogecoin trading a form of gambling under New York federal law and alleges that Musk and his companies violated state and federal gambling laws.
Examples of Musk’s manipulation of Dogecoin price include: During an SNL broadcast in May 2021, Musk portrayed a “fake financial expert” and called Dogecoin a “hustle.” DOGE’s price plummeted by over 25% within minutes. See video above ????
A few days later, he told his Twitter followers that he was working with “Doge developers to improve system transaction efficiency” and that it could be “potentially promising.”
In reality, the other cases of manipulation are more contentious, such as when Musk said he wanted to use DOGE for internal payments at Twitter or when he announced that Tesla would accept DOGE as payment for the company’s products.
Musk’s lawyers call Elon’s statements “harmless and often silly tweets,” trying to persuade the judge to “dismiss” the multibillion-dollar lawsuit. I think they will eventually succeed in dismissing the lawsuit.
The views expressed in this article are solely those of the author and should not be construed as official statements or representing the views of the company. The author is solely responsible for any errors or omissions in the information provided. The information contained in this article is provided for informational purposes only and is not intended to be investment or professional advice.
