Elon Musk asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.
In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc
The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he concealed, and that his statements such as "Dogecoin Rulz" and "no highs, no lows, only Doge" were too vague to support a fraud claim. Investors accused Musk, the world's second-richest person according to Forbes, of deliberately driving up Dogecoin's price more than 36,000% over two years and then letting it crash.
Investors also pointed to Musk's appearance on a "Weekend Update" segment of NBC's "Saturday Night Live" where, portraying a fictitious financial expert, he called Dogecoin "a hustle."
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