Elon Musk is reportedly seeking dismissal of the multibillion-dollar lawsuit filed against him for allegedly unlawfully promoting Dogecoin (DOGE).
According to a Reuters report, legal representatives for Tesla’s chief executive officer have requested that a judge throw out the $258 billion legal action launched by a collection of investors who allege that he was involved in organizing a pyramid scheme.
Musk’s lawyers contend that the case is a work of fiction and that Musk’s words about Dogecoin were too imprecise and absurd to be deemed endorsements of an asset. In addition, the attorneys assert that DOGE is a legitimate cryptocurrency with a market capitalization of around $10 billion.
According to Reuters, the defendant’s lawyers argued that there was no illegality in tweeting supportive or humorous content about a legitimate cryptocurrency with a market capitalization of almost $10 billion. Furthermore, they have urged the court to dismiss the complaint and halt the baseless allegations made by the plaintiffs.
In the lawsuit filed by the investors, it is claimed that Musk caused the price of Dogecoin to rise artificially by 3600% in a span of two years before intentionally letting it crash. In addition, the lawsuit asserts that Dogecoin was a security and that Musk was aware that it lacked inherent value.
The Dogecoin Foundation is reportedly listed as a defendant and is also requesting that the court dismiss the action.