- Musk’s legal team challenged the allegations of Dogecoin investors.
- The dismissal was sought amid market manipulation and insider trading allegations.
Elon Musk’s legal battle with a group of dissatisfied Dogecoin [DOGE] investors took a new turn, as his lawyers sought to have the lawsuit dismissed due to its prolonged duration.
Musk is facing a lawsuit that alleges market manipulation, insider trading, and intentional actions related to Dogecoin. In response, Musk’s attorney, Alex Shapiro, has strongly criticized the opposing counsel’s tactics, describing the litigation as “abusive and belligerent.”
The motion to dismiss was filed in a New York federal court.
Lawsuit also claims market manipulation and insider trading
The lawsuit, initially filed in June of the previous year, initially sought a staggering $258 billion in damages. It accuses Elon Musk of orchestrating market manipulation, insider trading, and deliberate courses of action linked to the cryptocurrency Dogecoin.
While the lawsuit initially sought a monumental amount in damages, the underlying accusations are weighty. They suggest that Musk’s actions surrounding Dogecoin were deliberate moves that might have impacted the cryptocurrency market.
In support of the dismissal, Alex Shapiro, Musk’s lawyer, did not mince words, characterizing the opposing complaint as an exemplar of
“Abusive and belligerent litigation tactics.”
Shapiro’s assertion was straightforward:
“Enough is enough.”
The lead attorney for the plaintiffs, Evan Spencer, modified the complaint for the third time in June, introducing additional allegations.
Musk’s affinity for Dogecoin dates back to an April 2019 tweet in which he claimed Dogecoin as his favorite cryptocurrency. With the acquisition of Twitter, his vocal support for Dogecoin has been further amplified.
A notable instance of his endorsement happened around April Fools’ Day, when Twitter temporarily swapped its logo for Dogecoin’s Shiba Inu mascot.
The dismissal motion reflects a point of contention, where Musk’s legal team decries the tactics of the opposing side as “abusive and belligerent,” revealing the intensity of the battle. As the legal proceedings continue, both sides await the unfolding outcome.
At the time of writing, Dogecoin was trading at $0.07573, up 2.32% in the last 24 hours.
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