In a new filing made on Friday evening, the lawyers of Elon Musk are seeking a dismissal of the lawsuit against their client – in the case of Dogecoin defrauding.
Several investors have earlier sued Elon Musk for artificially pumping the stock value of Dogecoin – primarily by his tweets – and later letting it crash altogether. The counsel for Elon Musk argues that a mere tweet can’t be the cause of blame, thus the lawsuit against him should be dismissed.
Accused of Dogecoin Defrauding
If you’re wondering why Elon Musk has stopped tweeting about his favorite cryptocurrency – Dogecoin lately, it’s because a group of investors had sued him for reportedly defrauding them of Dogecoin.
They cited a number of examples of how Musk inflated the value of Dogecoin, even though he knew there was no intrinsic value for it. As they proceeded to seek $258 billion in damages, Musk’s lawyers defended the case as senseless.
In a fresh filing on Friday evening – Musk’s team of lawyers asked the judge to dismiss the case altogether. They called this lawsuit a “fanciful work of fiction” over Musk’s “innocuous and often silly tweets” about Dogecoin.
Also, they blamed the plaintiffs (investors) for not properly explaining how Musk intended to defraud anyone or what risks he concealed while stating their claims of Musk’s tweets like “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to support a fraud claim.
Dogecoin Foundation, the nonprofit organization behind Dogecoin has also been named as a defendant in this case. As they too wanted the case to be dismissed, the plaintiffs are arguing otherwise.
They noted how Musk played with the cryptocurrency community, especially with Dogecoin artificially. Some of his tweets have sprung the coin’s value to increase by 1000% overnight.