News JVTech “Harmless and idiotic tweets” bring Elon Musk to court for fraud, but the billionaire doesn’t back down
Long before the f amous American billionaire became the head of Twitter, he did not mince his words on the social network, posting numerous tweets on various and diverse topics. Some of them have obviously gone down badly as Elon Musk has been the target of a fraud report for a few months. However, he does not seem determined to accept the facts he is accused of.
Elon Musk victim of fraud charges
The affair started more than a year ago… As usual, Elon Musk tweets another declaration of love for Dogecoin
As a reminder, the story between the dog-headed cryptocurrency and the billionaire is not new. Since 2019, the Twitter boss has multiplied tweets related to cryptocurrency Dogecoin, such as:
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Only here these various regular interventions in cryptocurrency are generally tantamount to speculation. As a matter of fact, With each of his tweets, the prize takes off in record time before gradually decreasing.
It is precisely for this reason that Elon Musk is often accused of manipulating the price of the cryptocurrency. to get any benefit from it. So, Since May 2021, the businessman has been the target of a fraud charge against him.
With this lawsuit, the plaintiffs accuse Elon Musk of directing and feeding a pyramid scheme around Dogecoin, a Ponzi for short. Concrete, its trusted status with its fanbase would have prompted some investors to buy Dogecoin.
Nonetheless, with the crypto market collapse, these unsuspecting Doge holders would have lost thousands, even millions of dollars. Like the majority of the market, the Doge has lost more than 90% of its value and some investors have therefore seen some of their savings in crypto disappear.
For this reason, They are demanding 258 million in damages from Elon Musk and its companies (Tesla, SpaceX, etc.)
Elon Musk wants to end the Dogecoin lawsuit
While seven new complainants have been added to the list of aggrieved investors, in this case Elon Musk appears to consider himself a victim.
As Reuters reports, Elon Musk asked an American judge to dismiss the lawsuit for “$258 billion thugs,” last Friday. According to Musk’s lawyers, this investor lawsuit is “imaginative fiction”:
“This court should put an end to plaintiffs’ imagination and dismiss the lawsuit.” say Elon Musk’s lawyers.
That’s what the billionaire’s defense attorneys believe Crypto Doge’s “harmless and often silly tweets” are not a valid reason to attack their client in a fraud case.
“There is nothing illegal about tweeting words of support or funny pictures about a legitimate cryptocurrency that continues to boast a market cap of nearly $10 billion,” argue Elon Musk’s attorneys.
If the complaint hasn’t been dismissed for now, the attorneys are confident about the rest of this process. However, the outcome of this affair is not decided in advance. Recently, several influencers such as Kim Kardashian have paid costly fines for tweets encouraging crypto purchases.