Investors pointed to Musk’s portrayal of "a fictitious financial expert" during a Saturday Night Live appearance, where he referred to Dogecoin as “a hustle,” as a reference point in the lawsuit.
Elon Musk and his lawyers reportedly requested a United States judge to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE).
According to an April 1 Reuters report, Elon Musk's lawyers referred to the lawsuit filed by Dogecoin investors, a “fanciful work of fiction,” in Manhattan's federal court on March 31.
It was reported that Musk's lawyers referred to his Dogecoin statements as “innocuous and often silly tweets," in an effort to convince the judge to "throw out" the multi-billion dollar lawsuit.
Related: Elon Musk slams ‘heavy-handed’ Fed as ex-BitMEX CEO sees $1M BTC price
Musk's lawyers explained that his Dogecoin-related comment – including “Dogecoin Rulz” and “no highs, no lows, only Doge” – were “too vague” to warrant a fraud claim. The lawyers noted:
“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 cited Musk’s Saturday Night Live (SNL) appearance, in May 2021, where he portrayed "a fictitious financial expert," and called Dogecoin “a hustle,” as a reference point in the lawsuit.
What is Dogecoin?
— DogeDesigner (@cb_doge) March 15, 2023
— Elon Musk, the Dogefather @elonmusk pic.twitter.com/3ZtD5gv221
Minutes after his SNL appearance, the price of DOGE dumped upwards of 25%, falling as low as $.50 from $.66 highs at the start of the show.
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."
This is a developing story, and further information will be added as it becomes available.
