Elon Musk asked a judge in the United States on Friday to reject a US$258 billion rackeling lawsuit accusing him of running a pyramid scheme to support Dogecoin's cryptocurrencies.
In a file filed in Manhattan federal court, Musk's lawyer and his electric car company, Tesla Inc, called the lawsuit an "unreasonable imaginary work" related to Musk's "undangerous tweets and often funny" about Dogecoin.
They stated that investors never explained how Musk intended to deceive anyone or what risks were hidden. In addition, his statements such as "Dogecoin Rulz" and "no highs, no lows, only Doge" are too vague to support fraudulent claims.
"The statement of support for words, or funny images about legitimate cryptocurrencies and still holding a market cap of nearly 10 billion US dollars (Rp150 trillion) does not violate the law," Musk's attorney said. "This trial must stop the plaintiffs' fantasies and reject the lawsuit."
In the record, lawyers also rejected investors' claims that Dogecoin deserves to be considered a securities. Investors accused Musk of deliberately increasing the price of Dogecoin by more than 36,000% over the next two years of allowing prices to fall.
They say it generates billions of dollars in profits in losses to other Dogecoin investors, although Musk knows the currency has no intrinsic value. Investors also pointed to Musk's appearance in the "Weekend Update" segment of "Saturday Night Live" where, as a fictitious financial expert, he referred to Dogecoin as "hustle."
The amount of compensation of US$258 billion tripled the estimated decrease in Dogecoin's market value in the 13 months before the lawsuit was filed. The Dogecoin Foundation, a non-profit organization, has also become a defendant and is seeking rejection of the lawsuit.
Musk's post on Twitter, which he has, has sparked several lawsuits. He won a victory in court on February 3 when a San Francisco jury ruled that he was not responsible for his tweets in August 2018 that he had set funding to take private Tesla.
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