Elon Musk asked a US judge on Friday to dismiss what he says is a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.
Musk’s lawyers called the Dogecoin investors’ lawsuit a “fanciful work of fiction” and Musk’s “innocent and often stupid tweets” about Dogecoin.
The lawyers said investors never explained how Musk intended to defraud anyone or what risks he was hiding, and that his statements such as “Dogecoin Rulz” and “no highs, no lows, just dog” were too vague to support a fraud claim.
“There is nothing illegal about tweeting words of support or funny pictures about a legitimate cryptocurrency that continues to have a market cap of nearly $10 billion,” Musk’s lawyers said. “The court should stop the plaintiffs’ fantasy and reject the complaint.”
Investors have accused Musk, the founder of Tesla, of deliberately raising Dogecoin’s value by more than 36,000% over two years and then letting it crash. They claim it generated billions of dollars in profit at the expense of other investors, even though Musk knew the currency had no intrinsic value.
Musk’s tweets on Twitter, which he owns, have led to several lawsuits. On February 3, he won in a San Francisco court when the court found him not responsible for an August 2018 tweet that he arranged financing to take Tesla private.
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