Musk is being sued for allegedly manipulating Dogecoin markets 

Musk’s decision comes after he asked a US judge on March 31 to throw out a $258 billion racketeering lawsuit that accuses him of running a pyramid scheme to raise the price of Dogecoin.


Investors claim that Musk artificially grew Dogecoin’s price by more than 36,000% and then let it crash, in order to short the currency. The lawsuit points to tweets like “Dogecoin Rulz” and his appearance on Saturday Night Live, when he told viewers to invest in Dogecoin.

The $258 billion in damages is triple the decline in Dogecoin’s value during the 13 months leading up to the lawsuit, according to court documents.


Musk’s lawyers said his statements were too vague to be considered fraud.

“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s lawyers said, according to a Reuters report. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”


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