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Elon Musk calls for dismissal of $258 billion Dogecoin lawsuit: report

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Elon Musk and his lawyers have reportedly asked a US judge to dismiss the $258 billion lawsuit brought by investors who alleged he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE).

According to a Reuters of April 1 reportElon Musk’s attorneys referenced the lawsuit filed by investors in Dogecoin, a “whimsical work of fiction,” in federal court in Manhattan on March 31.

It has been reported that Musk’s lawyers called his Dogecoin statements “innocent and often stupid tweets”, in an effort to convince the judge to “dismiss” the multi-billion dollar lawsuit.

Musk’s lawyers said his statements related to Dogecoin — including “Dogecoin Rulz” and “no highs, no lows, only Doge” — were “too vague” to warrant a fraud claim. The lawyers noted:

“There is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that continues to hold a market capitalization of nearly $10 billion.”

Investors cited Musk’s appearance on Saturday Night Live where he portrayed “a fictional financial pundit” and called Dogecoin a “hustle,” a benchmark in the lawsuit.

Attorney representing the investors, Evan Spencer, reportedly said in an email that “we are more confident than ever in the success of our case.”

This is a developing story, and more information will be added as it becomes available.