Elon Musk Sued for $258 Billion Over Dogecoin Tweets

The filing alleges that Musk “used his pedestal as World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme.” 

Lawyers for the tech billionaire described the lawsuit as a “fanciful work of fiction” based on “innocuous and often silly tweets” about the cryptocurrency, Reuters reported. “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency,” his lawyers said. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.” 

Dogecoin is worth around $0.07, down nearly 90 percent from the all-time high it experienced in May 2021. Despite the losses, dogecoin retains a market cap of over $10 billion, ranking it among the top 10 most valuable cryptocurrencies. 

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