Recently, the Decrypt newspaper reported on a situation involving a class-action lawsuit related to internal trading of the cryptocurrency Dogecoin that has been submitted to the United States Federal Court in New York. In this lawsuit, attorney Alex Shapiro, representing Tesla’s CEO, Elon Musk, has requested the dismissal of the case.
Attorney Shapiro analyzed that Elon Musk’s tweets and sharing of memes in support of the cryptocurrency did not violate any laws. He even poked fun at the lawsuit, suggesting that it seemed confusing, unclear, and hard to understand.
Initially filed in June of the previous year, the lawsuit has undergone multiple revisions. The lawsuit seeks Elon Musk to pay a compensation of up to $258 billion due to allegations of intentional marketing, market manipulation, and insider trading related to Dogecoin.
Elon Musk’s noteworthy interest in Dogecoin has been apparent for several years, starting with his first tweet about Dogecoin in April 2019. Whenever Musk mentions Dogecoin, the value of the cryptocurrency often experiences significant surges, at times even increasing by dozens of percentages within just a few minutes. This phenomenon has led many to nickname him the “father of Dogecoin.”