Elon Musk, the CEO of Twitter and a prominent figure in the cryptocurrency world, recently has taken measures to end the $258 billion lawsuit against Dogecoin.
However, the lawsuit appears to be heavily skewed in Elon’s favor because of the strong laws supporting his position. Let’s see what’s going on.
Twitter: posts in support of Dogecoin for which Musk is accused
As anticipated above, Elon Musk, a well-known personality in the crypto space, is finally taking steps to end Dogecoin’s $258 billion lawsuit against him.
In fact, with strong legal backing, the lawsuit is beginning to look one-sided. Specifically, Dogecoin investors had accused Musk of raising the price of DOGE by 36,000% in just two years, only to have the price collapse later.
However, Musk’s lawyers took a defiant stance and claimed that his tweets were too ‘vague’ to support an accusation of fraud. Indeed, his tweets only showed support or featured funny pictures about the project, which still holds a market capitalization of about $10 billion.
For example, we can see that Musk tweeted humorous phrases such as:
No highs, no lows, only Doge
— Elon Musk (@elonmusk) February 4, 2021
Dogecoin rulz pic.twitter.com/flWWUgAgLU
— Elon Musk (@elonmusk) April 2, 2019
According to the Tesla genius and his lawyers, tweets like these indicated only ‘sense of humor’ and support for the DOGE coin, with no ulterior motives some.
Musk and the request to dismiss the Dogecoin lawsuit
Earlier this month, Elon Musk and his attorneys asked a US judge to dismiss the aforementioned $258 billion lawsuit filed by some investors who alleged that Musk ran a pyramid scheme to promote the crypto Dogecoin.
According to a Reuters report published 1 April, Elon Musk’s lawyers said on 31 March in Manhattan federal court that the lawsuit against the entrepreneur, filed by Dogecoin investors in June 2022, was a “fanciful work of imagination.”
Specifically, the lawyers stated the following:
“There is nothing illegal about tweeting supportive words or funny images about a fiat cryptocurrency that continues to maintain a nearly $10 billion market cap.”
As anticipated, Musk was accused of driving up the price of Dogecoin by more than 36,000% in two years and then letting it plummet.
In addition, the complaint alleged that the CEO of Twitter used his role as the richest man in the world to manage and manipulate Dogecoin’s pyramid scheme.
What did Musk say on Twitter about Dogecoin and beyond? (SEO)
Specifically, regarding the Dogecoin lawsuit, investors cited as a focal point Musk’s appearance on Saturday Night Live in May 2021, where he played an ‘imaginary financial expert’ and called Dogecoin a scam.
In fact, minutes after the TV appearance, the price of DOGE plummeted by more than 25%, dropping as low as $50 from the highs of $66 recorded at the beginning of the show.
Not only that, it seems that after his television appearance, Musk made numerous efforts to revive enthusiasm about Dogecoin.
A few days later he told his Twitter followers that he was working with Dogecoin developers to improve the efficiency of the system and that it could be “potentially promising.”
Finally, during the market crash in March 2022, Musk told his Twitter followers that he would not sell his holdings in cryptocurrencies, including Bitcoin, Ether, and DOGE.
In any case, the lawyer representing the investors, Evan Spencer, said in an email that the prosecution is more confident than ever that their case will be successful. All that remains is to wait and see who will win the case between Musk and the investors.