Elon Musk’s Lawyer Files Second Motion To Dismiss Dogecoin Class Action Lawsuit
10 August 2023 - 3:00AM
NEWSBTC
In a continued legal battle over a class action lawsuit alleging
Dogecoin insider trading, attorney Alex Shapiro, representing Tesla
CEO Elon Musk, has once again requested the dismissal of the case.
This motion marks the second attempt by Musk’s legal team to put an
end to the ongoing litigation, and as the legal battle escalates,
drawing attention to the intricate interplay between
cryptocurrency, high-profile figures, and legal accountability.
Strategic Move Amid Escalating Battle The decision to file a second
motion for dismissal underscores the determination of Elon Musk’s
legal team to swiftly put an end to the protracted litigation. The
lawsuit was initiated by a group of Dogecoin investors who claim
Musk orchestrated market manipulation and insider trading to
inflate the value of the popular meme cryptocurrency. Related
Reading: Beware Of Crypto Firms Falsely Claiming To Have Submitted
License Applications Attorney Alex Shapiro’s response to the
investors’ complaint was sharp and pointed. He framed the latest
filing as an example of lawyers overstepping their boundaries and
utilizing aggressive litigation tactics. So in the filing, he moved
a motion to disqualify sanctions. In one of his statements,
Shapiro stated ” Enough is enough” as the case has been a
long-standing one. Musk’s legal team also emphasized the legality
of his crypto-related statements, while the case has delved into
the nebulous realm of social media influence in financial markets.
Evan Spencer, the lead attorney for the class action lawsuit, has
relentlessly pursued Musk and the allegations against him. Spencer
has now made a total of three amendments to the lawsuit since its
initial filing in June of the previous year, seeking a staggering
$258 billion in damages for investors claiming to have been
defrauded by the Tesla CEO with his Dogecoin Pyramid Schemes.
DOGE price trading 90% lower than its all-time high price | Source:
DOGEUSD on Tradingview.com Musk’s Relationship With Dogecoin
Dogecoin was designed originally in 2013 as a joke to tease Bitcoin
but went from a “meme” to a substantial valuable asset in the
cryptocurrency space during 2020 and 2021 especially. Most of
the meme coin’s growth was driven by billionaire Elon Musk, who
actively promoted the altcoin to his over 100 million Twitter (Now
X) followers at the time. His initial tweet in April 2019,
playfully endorsing Dogecoin as a potential favorite
cryptocurrency, ignited a chain reaction that saw subsequent tweets
by Musk triggering substantial price fluctuations. “Dogecoin might
be my fav cryptocurrency. It’s pretty cool” Musk tweeted at the
time. Musk’s many tweets following this would continuously push
DOGE’s price high, reaching as high as $0.7 before the bear market
hit. Related Reading: PayPal’s PYUSD Launch Triggers Calls For
Stablecoin Bill Since then, DOGE’s price has fallen over 90%, and
the class action lawsuit emerged as a result of investors who
believed they had fallen victim to a pyramid scheme after buying
for high prices. The elongated legal struggle holds significant
implications for the cryptocurrency community and the broader
financial world. With Musk’s legal team emphasizing the dismissal
of the lawsuit, the outcome could set a precedent for legal battles
involving influential figures in the cryptocurrency domain.
Musk appears to be unmoved as he promotes his newly acquired
innovation, Twitter, now rebranded as X. Featured image from
Bitcoinist, chart from Tradingview.com
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