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. 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. What did Musk say on Twitter about Dogecoin and beyond? (SEO) 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. “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.”Īs anticipated, Musk was accused of driving up the price of Dogecoin by more than 36,000% in two years and then letting it plummet. Specifically, the lawyers stated the following: Musk and the request to dismiss the Dogecoin lawsuitĮarlier 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.Īccording 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.” Indeed, his tweets only showed support or featured funny pictures about the project, which still holds a market capitalization of about $10 billion.įor example, we can see that Musk tweeted humorous phrases such as:Īccording 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. However, Musk’s lawyers took a defiant stance and claimed that his tweets were too ‘vague’ to support an accusation of fraud. 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. In fact, with strong legal backing, the lawsuit is beginning to look one-sided. Twitter: posts in support of Dogecoin for which Musk is accusedĪs 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. What did Musk say on Twitter about Dogecoin and beyond? (SEO).Musk and the request to dismiss the Dogecoin lawsuit.
Twitter: posts in support of Dogecoin for which Musk is accused.
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