Doge investors accused Elon Musk of promoting the Dоge cryptocurrency in his own interests. They filed a lawsuit for $258 billion. According to an April 1 Reuters report, Elon Musk’s lawyers called the lawsuit by Dogecoin investors a “fanciful work of fiction” in Manhattan’s federal court on March 31.
The lawyer claimed that the investors failed to explain how Musk meant to deceive anyone or the risks he concealed, and that his words such as “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to serve as evidence of fraud. The lawyers :
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
Investors used Musk’s participation on Saturday Night Live, in which he played a fictional financial expert and referred to Dogecoin as “a hustle,” as a reference point in the lawsuit. The lawyer representing the investors, Evan Spencer, reportedly stated in an email that we are more confident than ever that our case will be successful.