Dogecoin News: Elon Musk, Tesla CEO and a Dogecoin (DOGE) fan on Friday filed his reply against the allegations of running a pyramid scheme to support the world’s largest meme crypto. Musk’s lawyer even called the lawsuit a “fanciful work of fiction”.
Elon Musk Rejects Pyramid Scheme Claims
According to the court filings, Elon Musk’s attorney highlighted that the investors didn’t explain how Tesla Chief was planning to defraud anyone. However, tweets and statements like “no highs, no lows, only Doge and “Dogecoin Rulz” cannot support the claims of the plaintiff.
It mentioned that Tweets including support for DOGE or funny pictures about the meme coin are not unlawful when the token holds a market cap of around $10 billion. Lawyers requested the Court to dismiss the complaint.
However, it is important to note that the footnote of the court filings rejected investors’ claim of calling Dogecoin a security. Meanwhile, Evan Spencer, Investors’ lawyer reportedly said that the plaintiffs are confident that the case will be successful.
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