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Elon Musk Requests Dismissal of $258B Dogecoin Lawsuit

Elon Musk has sought the dismissal of a $258 billion lawsuit concerning his support for Dogecoin. Musk's legal team argued that the accusations against him were baseless and his Dogecoin-related tweets were innocent.

Elon Musk
Elon Musk

Lawyers Label Lawsuit a "Fantastical Work of Fiction"

In a Manhattan federal court filing, Musk and Tesla Inc lawyers described the lawsuit as a "fantastical work of fiction." They claimed Musk's tweets about Dogecoin were harmless and sometimes even absurd.

Insufficient Evidence and Ambiguous Statements

Musk's attorneys stated that the investors failed to present proof of deception or hidden risks. They also argued that Musk's statements, such as "Dogecoin Rulz" and "no highs, no lows, only Doge," were too vague to support fraud allegations.

Expressing Support for Cryptocurrency Not Illegal

The legal team emphasized that sharing positive or humorous tweets about a legitimate cryptocurrency with a nearly $10 billion market cap is not against the law. They urged the court to dismiss the complaint.

Investors' Attorney Remains Confident in Case

In response to the filing, Evan Spencer, the investors' attorney, expressed even greater confidence in the success of their case via email. The investors accused Musk of deliberately inflating Dogecoin's value by over 36,000% in two years before allowing it to crash.

Dogecoin Foundation, Also Named Defendant

The Dogecoin Foundation, a nonprofit organization, is also named as a defendant in the lawsuit and seeks to dismiss the case.

Elon Musk Replaces Twitter Logo with Shiba Inu

After attempting to dismiss the lawsuit, Musk surprised Twitter users by replacing the platform's blue bird logo with a Shiba Inu logo associated with Dogecoin. He also shared a meme suggesting that the blue bird logo is outdated and posted an old screenshot of a user proposing he purchases Twitter and replace its logo with Doge.