Tesla Inc (TSLA) and Elon Musk’s lawyers filed a lawsuit in Manhattan federal court, on Friday asking a U.S. judge to end a $258 billion lawsuit filed by Dogecoin investors. The lawyers representing the electric vehicle company and its CEO described the suit by investors of cryptocurrency Dogecoin as a “fanciful work of fiction.”
According to Reuters, Elon Musk’s lawyers have said the CEO’s tweets could be considered as “innocuous” and also as “silly tweets.” The legal team also put forth other arguments saying that the plaintiffs (Dogecoin investors) had not explained how their client had supposedly intended to defraud anyone or how he had concealed risks about the cryptocurrency.
The lawyers also claimed that the comments from Musk including “Dogecoin Rulz” and “no highs, no lows, only Doge” were comments that were too vague and could not support a claim of fraud. They also rejected the claim by the plaintiffs that the crypto coin called Dogecoin could be considered as a security.
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Musk’s legal team also said that it was not “unlawful” to tweet words or funny pictures supporting a legitimate cryptocurrency whose market cap was almost $10 billion.
According to the outlet, Evan Spencer, who is the lawyer for the investors, said that they were “more confident than ever” that their lawsuit would go in their favor.
Investors accuse Musk of deliberately representing the coin to drive its price up by over 36,000 percent in a time period spanning more than two years and then allowing the Dogecoin to crash.
Their lawsuit also mentions the Tesla CEO’s appearance on NBC’s Saturday Night Live (SNL). Elon Musk appeared a fictitious financial expert on a “Weekend Update” segment of SNL and described Dogecoin as “a hustle.”
Elon Musk has prolifically used Twitter, before and after he became the owner of the micro blogging platform. He has faced multiple lawsuits for his tweets and has recently won another suit filed against him, for the 2018 “funding secured” tweet.
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