- August 9, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Attorneys for Elon Musk contended at the start of the week that the extended legal feud between the billionaire and a faction of dissatisfied Dogecoin backers has persisted excessively.
In a submission to a federal court in New York, Musk’s legal team formally requested the elimination of the plaintiff’s revised complaint.
Echoing this motion, Alex Shapiro, the attorney representing Elon Musk, vehemently criticized the most recent complaint put forth by the Dogecoin investors, characterizing it as a case in point of “abusive and belligerent litigation tactics” employed by the opposing side.
“Enough is enough,” Shapiro wrote. “This action is yet another example of counsel’s abusive and belligerent litigation tactics.”
Elon Musk Faces Lawsuit Over Dogecoin
The legal battle, which was initially launched last June with a demand for a whopping $258 billion in restitution, alleges that Musk engaged in a calculated series of actions akin to showmanship, market manipulation, and insider trading within the domain of one of cryptocurrency’s most iconic meme coins.
For context, Dogecoin experienced a rapid surge in value in 2021 prior to Musk’s appearance on NBC’s “Saturday Night Live.” However, the cryptocurrency’s value plummeted after Musk referred to it as a mere scheme during the comedic show.
Nevertheless, his legal team contends that any positive remarks he has made about Dogecoin over the years are simply enthusiastic expressions and do not warrant legal action.
In a recent legal motion submitted on Monday, Musk’s legal representatives asserted that expressing support for a cryptocurrency or sharing humorous images related to it is entirely lawful. The motion ridiculed the amended complaint, labeling it as “fanciful, meandering, and often incomprehensible.”
The lawyers of Elon Musk further emphasized that the claims presented in the lawsuit lack credibility because of their reliance on transactions involving Dogecoin from digital wallets that cannot be verifiably linked to Musk or his company, Tesla.
Elon Musk’s Enthusiasm For The Meme Coin
Throughout the years, Musk’s unwavering support for Dogecoin has been extensively recorded, commencing with his inaugural tweet in April 2019, where he proclaimed that Dogecoin might just be his preferred cryptocurrency.
Subsequent to his acquisition of Twitter, Musk’s backing for Dogecoin has garnered even more traction. One particularly well-publicized instance of this fervor unfolded around April Fools Day, during which Twitter playfully substituted its emblem with Dogecoin’s Shiba Inu mascot, creating a buzz around the cryptocurrency.
From his initial tweet in 2019 to the Twitter logo switch in 2023, Musk’s interactions with Dogecoin have remained a fascinating aspect of the cryptocurrency’s journey.
Featured image from California Business Journal
