Musk's lawyers are fights back against a $258B class-action lawsuit, calling Dogecoin fraud claims 'a fanciful work of fiction'
a motion to dismiss a $258 billion class-action lawsuit accusing him of running a Dogecoin pyramid scheme.alleges that Musk, Tesla, and the Dogecoin Foundation committed fraud by promoting the meme cryptocurrency on social media.
However, Musk's lawyers argue that the claims are"a fanciful work of fiction" and that tweeting in support of a legitimate cryptocurrency with a market cap of nearly $10 billion is not unlawful. The motion contends that plaintiffs have failed to demonstrate any material misrepresentation or omission, and that the statements in question are vague, subjective, and amount to puffery. Furthermore, the plaintiffs have not identified a risk concealed by Musk and Tesla, since Dogecoin's speculative nature was well-known.It also highlights the plaintiffs' inability to demonstrate a strong inference of intent to commit fraud.
Musk's lawyers argue that the plaintiffs have not established loss causation, as they have not shown that a concealed risk was disclosed or materialized, causing Dogecoin's price to drop. Additionally, the motion claims that Musk's joke during a Saturday Night Live appearance, where he called Dogecoin a"hustle," did not reveal any new information about the cryptocurrency's risks.
The motion concludes by requesting the court to dismiss the complaint in its entirety and put an end to the"frivolous and baseless" class action.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Elon Musk seeks to end $258 billion Dogecoin lawsuitElon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.
Consulte Mais informação »
Elon Musk requests dismissal of $258B Dogecoin lawsuit: ReportAccording to an April 1 Reuters report, Elon Musk’s lawyers called the lawsuit taken against him by Dogecoin investors as a “fanciful work of fiction” over his “often silly tweets.” Musk’s lawyer argued that the statements were “too vague” to warrant a fraud claim.
Consulte Mais informação »
Elon Musk seeks China meeting with PremierTesla Chief Executive Elon Musk making plans to visit China in early April and meet with the country’s Premier Li Qiang.
Consulte Mais informação »
Fidelity again marks down its Twitter sharesFidelity disclosed that it marked down the value of its Twitter shares by 7.9% during the month of February.
Consulte Mais informação »
Twitter Shares Some of the Secret Sauce Behind How It WorksTwitter opened up a significant portion of its source code, an uncommon move for a large social-media company and one that owner Elon Musk said will make the platform more trustworthy
Consulte Mais informação »