Elon Musk, who is worth an estimated $22 billion, has purportedly submitted a motion asking a judge to toss out a multibillion-dollar lawsuit against him for allegedly illegally promoting Dogecoin. (DOGE).
Reuters reports that Tesla’s legal team is asking a judge to toss out the $258 billion pyramid scheme lawsuit brought against the company’s chief executive by a group of investors.
Musk’s attorneys claim the case is a work of fiction and that their client never intended for his comments on Dogecoin to be taken seriously. The lawyers also confirm that DOGE is a legal cryptocurrency, worth around $10 billion at present.
According to statements made by his attorneys quoted by Reuters,
Supporting a valid cryptocurrency that continues to hold a market cap of nearly $10 billion by tweeting words of support or humorous pictures about it is not illegal. The judge should put an end to the plaintiffs’ wishful thinking and throw out their complaint.
The complaint claims that the investors suffered losses of over $36,000 USD because Musk artificially inflated the price of Dogecoin over a period of two years. The complaint goes on to assert that Musk knew Dogecoin was a security and that it was worthless.
The Dogecoin Foundation, which is also mentioned in the lawsuit, reportedly wants the case dismissed.
