Elon Musk, the CEO of Tesla, is facing a likely dismissal of his continuing lawsuit against a group of irate Dogecoin investors. Musk’s lawyers contend that the action has been dragged out for too long. Elon Musk’s legal team has requested the dismissal of the plaintiff’s revised complaint in a filing to a New York federal court. The document seeks to end the ongoing legal battle with disgruntled Dogecoin investors.
Musk faces allegations of engaging in market manipulation and insider trading concerning Dogecoin. The lawsuit was filed in June and seeks $258 billion in damages. The accusations stem from Musk’s apparent affection for the cryptocurrency.
The latest accusation in the lawsuit was blasted by Musk’s lawyer, Alex Spiro, who said, “Enough is enough. This is simply another illustration of the aggressive and abusive litigation strategies used by counsel.
When the class-action lawsuit’s principal attorney, Evan Spencer, updated the complaint a third time in June, adding new accusations against Musk, the legal dispute intensified. Musk’s legal team argues that the allegations made in the lawsuit are unfounded and cannot withstand close examination.
According to Musk’s legal team, the case is based on claims regarding Dogecoin transfers from online wallets that are unrelated to Musk or Tesla. Additionally, they contend that the lawsuit does not provide evidence that Musk’s remarks about Dogecoin were materially false or misleading.
Legal Battle Over Dogecoin: Musk’s Case Sparks Heated Dispute Amid Cryptocurrency’s Turbulent Trajectory
The case’s judge, U.S. District Judge Alvin Hellerstein, gave Musk’s legal team until Monday to answer to the new lawsuit. Attorneys representing Dogecoin investors have until the beginning of September to submit their opposition to the petition for dismissal.
The legal dispute has become more heated as both sides accuse one another of improper strategies. Spencer accused Musk’s team of harassment, while Musk’s lawyers countered the claims as baseless and inappropriate.
Due to Musk’s outspoken backing and involvement with Dogecoin, the cryptocurrency’s value has frequently changed significantly under his influence. Musk’s legal team maintains his actions, such as supportive tweets and humor about cryptocurrencies, are lawful and protected.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
The verdict of the case will probably have an impact on how public figures interact with and talk about cryptocurrency in the future. The cryptocurrency community will closely watch court proceedings for potential sector impacts and developments.