• Elon Musk is being sued for $258 billion over his promotion of Dogecoin.
• He is asking the judge to dismiss the case, as he did not force anyone to invest in Dogecoin.
• Dogecoin’s market cap is currently nearly $10 billion.
Elon Musk Facing Lawsuit Over Dogecoin Promotion
South African billionaire and entrepreneur Elon Musk has been caught up in a lawsuit with investors who invested in digital currencies like Dogecoin after his promotion of them. The lawsuit seeks damages of $258 billion.
Lawyers for Musk Request Dismissal of Case
Musk’s lawyers have requested that the judge overseeing the case dismiss it, arguing that their client didn’t force anyone to engage in crypto trading and that there is nothing illegal about tweeting words of support for a legitimate cryptocurrency.
Bear Run Ravaged Cryptocurrency Market
Last year saw a bear run that caused many digital currencies such as Bitcoin and Dogecoin to drop drastically in value, resulting in many people losing all their money after investing in these assets. This has led to investors suing Musk, accusing him of being responsible for their losses due to his praise of cryptocurrencies like Dogecoin.
Dogecoin Price Jumps Ten Percent
Recently, Dogecoin has seen an increase in price of ten percent since this suit was filed against Musk. However, his lawyers argue that those who invested chose to do so on their own volition and were not forced into action by any outside party.
It remains to be seen whether or not this lawsuit will be dismissed outright or if it will proceed further, but at first glance it may seem likely that it won’t make much progress given Musk’s lawyers‘ arguments that he did not force any investments from anyone and simply praised a legitimate cryptocurrency asset.