Elon Musk seeks to conclude $258 billion Dogecoin lawsuit

Elon Musk seeks to conclude 8 billion Dogecoin lawsuit


Acquire Mcnamee | Getty Illustrations or photos News | Getty Photos

Elon Musk requested a U.S. decide on Friday to toss out a $258 billion racketeering lawsuit accusing him of managing a pyramid scheme to assist the cryptocurrency Dogecoin.

In an evening filing in Manhattan federal court, lawyers for Musk and his electrical motor vehicle business Tesla Inc called the lawsuit by Dogecoin investors a “fanciful do the job of fiction” around Musk’s “innocuous and typically foolish tweets” about Dogecoin.

The attorneys mentioned the buyers under no circumstances described how Musk intended to defraud any individual or what threats he hid, and that his statements these as “Dogecoin Rulz” and “no highs, no lows, only Doge” had been far too vague to help a fraud declare.

“There is absolutely nothing illegal about tweeting words of assist for, or funny pics about, a genuine cryptocurrency that continues to hold a current market cap of nearly $10 billion,” Musk’s attorneys claimed. “This court docket ought to place a stop to plaintiffs’ fantasy and dismiss the complaint.”

In a footnote, the legal professionals also rejected the investors’ declare that Dogecoin capable as a stability.

The investors’ attorney, Evan Spencer, reported in an e mail: “We are additional self-confident than at any time that our case will be effective.”

Buyers accused Musk, the world’s next-richest individual according to Forbes, of deliberately driving up Dogecoin’s price tag much more than 36,000% around two years and then allowing it crash.

They mentioned this produced billions of pounds of profit at other Dogecoin investors’ cost, even as Musk knew the currency lacked intrinsic price.

Buyers also pointed to Musk’s appearance on a “Weekend Update” section of NBC’s “Saturday Night time Live” in which, portraying a fictitious financial expert, he known as Dogecoin “a hustle.”

The $258 billion damages figure is triple the approximated decrease in Dogecoin’s market benefit in the 13 months prior to the lawsuit was filed.

Dogecoin Foundation, a nonprofit, is also a defendant and trying to get the lawsuit’s dismissal.

Musk’s posts on Twitter, which he owns, have prompted many lawsuits.

He won a court victory on Feb. 3 when a San Francisco jury found him not liable for tweeting in August 2018 that he had organized financing to take Tesla private.

The circumstance is Johnson et al v. Musk et al, U.S. District Courtroom, Southern District of New York, No. 22-05037.



Resource

Gen Z favorite toymaker Jellycat doubles annual profit in adult-fueled toy craze
World

Gen Z favorite toymaker Jellycat doubles annual profit in adult-fueled toy craze

Guests browse Jellycat products at Nordstrom Michigan Avenue on September 30, 2025 in Chicago, Illinois. Jeff Schear | Getty Images Entertainment | Getty Images British toybrand Jellycat, loved by Gen Z globally, more than doubled its profit in 2024 on the back of a “kidult” driven craze for toys as more adults turn to soft […]

Read More
The Trump crypto firm is planning expansion, from tokenized commodities to debit cards
World

The Trump crypto firm is planning expansion, from tokenized commodities to debit cards

Donald Trump Jr., co-founder of World Liberty Financial, during at the Token2049 conference in Singapore, on Wednesday, Oct. 1, 2025. Bloomberg | Bloomberg | Getty Images SINGAPORE — World Liberty Financial, a crypto venture linked to U.S. President Donald Trump, is planning to launch new products, including a debit card and tokenized commodity assets, as […]

Read More
Private payrolls declined in September by 32,000 in key ADP report coming amid shutdown data blackout
World

Private payrolls declined in September by 32,000 in key ADP report coming amid shutdown data blackout

Private payrolls saw their biggest decline in two-and-a-half years during September, a further sign of labor market weakening that compounds the data blackout accompanying the U.S. government shutdown. Companies shed a seasonally adjusted 32,000 jobs during the month, the biggest slide since March 2023, payrolls processing firm ADP reported Wednesday. Economists surveyed by Dow Jones […]

Read More