The attorneys argued that the lawsuit has no legal basis because it is based on Musk’s “innocuous and frequently silly tweets” over time.

The $258 billion racketeering lawsuit based on Elon Musk’s tweets and mentions of Dogecoin (DOGE) has been moved to dismiss by his lawyers.

The attorneys argued that the lawsuit has no legal basis because it is based on Musk’s “innocuous and frequently silly tweets” over time. The plaintiffs have not explained how Musk intended to defraud anyone or what risks he concealed through the tweets, according to Musk’s legal team.

The attorneys said:

“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.”

hey also rejected the plaintiffs’ claim that DOGE is a security in the filing.

The judge has yet to make a decision on the matter.

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Class action racketeering lawsuit

On June 16, 2022, plaintiff Keith Johnson filed a class action racketeering lawsuit against Musk and his businesses.

The claim blamed Musk for advancing a fraudulent business model and deliberately driving up the cost of DOGE before it crashed, regardless of realizing that it had no inherent worth. Investors assert that Musk and the Dogecoin Foundation made billions of dollars from this scheme.

The lawsuit claims that Musk “is and has been fully aware” of the impact his tweets would have on Dogecoin’s price, market capitalization, and trading volume. It adds that millions of people have invested in the meme coin as a result of each endorsement.

Dogecoin is also alleged to be a security and a pyramid scheme in the lawsuit. However, it backs up its claims with statements made by well-known people like Charlie Munger and regulators like the Reserve Bank of India.

The plaintiffs are seeking approximately $258 billion in compensation. The case stays forthcoming in the Southern Area Court of New York.