Elon Musk: Lawyers for Musk and his electric vehicle business Tesla Inc filed an evening brief in Manhattan federal court, calling the case by Dogecoin investors a “fanciful work of fiction” based on Musk’s “innocuous and often ridiculous tweets” regarding Dogecoin. According to the lawyers, the investors never explained how Musk intended to deceive anyone or what risks he concealed, and his phrases like “Dogecoin Rulz” and “no highs, no lows, simply Doge” were too ambiguous to establish a fraud allegation.
Investors accused Musk of purposefully pushing up the price of Dogecoin
Investors accused Musk, the world’s second-richest person, of purposefully pushing up the price of Dogecoin by more than 36,000% over two years and then let it to crash. They said that this resulted in billions of dollars of profit at the expense of other Dogecoin investors, despite Musk’s knowledge that the currency lacked intrinsic value.
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Several lawsuits have been filed in response to Musk’s tweets
The $258 billion in damages is three times the projected fall in Dogecoin’s market value in the 13 months preceding the lawsuit’s filing. The Dogecoin Foundation, a non-profit, is also a defendant and is requesting that the action be dismissed. Several lawsuits have been filed in response to Musk’s tweets on Twitter, which he controls. On Feb. 3, a San Francisco jury ruled him not responsible for tweeting in August 2018 that he had secured finance to take Tesla private.
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