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The legal professionals of Elon Musk are transferring to dismiss the Dogecoin (DOGE) lawsuit in opposition to the billionaire, calling the swimsuit “frivolous.”
In a brand new court docket submitting, the enterprise magnate’s attorneys say that “sufficient is sufficient” – that the case in opposition to Musk ought to be “dismissed with out prejudice” because the Plaintiffs’ case is centered solely round memes posted by the Tesla CEO.
Moreover, the legal professionals say that there wouldn’t be something fallacious with selling DOGE, a memecoin with a market cap of over $11 billion and that the Plaintiffs’ criticism doesn’t even state a authorized declare.
“Sufficient is sufficient. It’s properly previous time for this baseless and frivolous motion to be dismissed with prejudice.
Plaintiffs’ fourth try and plead a criticism for securities fraud in opposition to Defendants Tesla, Inc. and Elon Musk – primarily based on nothing greater than Mr. Musk’s innocuous and sometimes foolish tweets a few cryptocurrency referred to as “Dogecoin” (recognized for its meme picture of a Shibu Inu canine) – comes no nearer to stating a declare than Plaintiffs’ three prior makes an attempt.
There may be nothing illegal about tweeting phrases of help for, or humorous photos about, a cryptocurrency that holds a market capitalization of over $11 billion. Plaintiffs’ fanciful, meandering, and sometimes incomprehensible third amended class motion criticism doesn’t come near stating a declare.”
Musk was initially sued in June 2022 by a bunch of disgruntled Dogecoin buyers who declare their losses had been because of the billionaire manipulating the value of the digital asset.
In June of 2023, Musk denied ever proudly owning a Dogecoin pockets after the Plaintiffs made a declare that he offered about $124 million value of the meme asset after its value skyrocketed as a result of Musk on the time altering briefly altering Twitter’s iconic blue hen brand to that of DOGE’s Shiba Inu.
Later that month, Evan Spencer, the lawyer representing the plaintiffs, tried to take away Alex Spiro, Musk’s authorized counsel, alleging that he leaked a personal letter between them to the New York Publish. The contents of the letter included Spiro attacking Spencer’s credibility as an lawyer.
Final month, Spencer accused Musk and Spiro of utilizing “illegal techniques” to discredit his shoppers and likewise alleged that the billionaire was utilizing his wealth as a “bottomless battle chest” to fund a harassment marketing campaign in opposition to them.
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Featured Picture: Shutterstock/NextMarsMedia
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