Elon Musk Lawyers Call Dogecoin Lawsuit a Work of Fiction, Request Dismissal

Elon Musk and his legal team have reportedly asked a US judge to dismiss a $258 billion lawsuit brought by investors who claimed that he operated a pyramid scheme to promote Dogecoin.

The lawsuit was filed in June 2022 by Dogecoin investors.

Musk's lawyers argued in Manhattan's federal court on March 31 that the lawsuit was a "fantasy" and that Musk's support for Dogecoin on social media was too vague to be considered fraudulent.

According to Musk's lawyers, there is nothing illegal about expressing support for a legitimate cryptocurrency with a market cap of nearly $10 billion.

The lawyers referred to Musk's tweets about Dogecoin as "harmless and often absurd" and urged the judge to dismiss the lawsuit, which accused Musk of driving up Dogecoin's price by more than 36,000% over two years before allowing it to crash.

The initial filing claimed that Musk used his position as the world's wealthiest person to operate and manipulate the Dogecoin pyramid scheme.