Elon Musk asks U.S. judge to cease $258B dogecoin lawsuit - report

Lawyers for Elon Musk and his electric car company Tesla ( TSLA ) requested a U.S. judge on Friday to end a $258B lawsuit accusing him of conducting a pyramid scheme to prop up the price of dogecoin ( DOGE-USD ), a popular memecoin, only to let it crash, according to a recent CNBC report, which cited a Manhattan court filing. The Lawyers argued that the dogecoin ( DOGE-USD ) investors who sued Musk never explained how the billionaire supported a fraud scheme, calling the complaint a “fanciful work of fiction.” During doge's ( DOGE-USD ) massive bull run in 2021, Musk, who has 133.5M followers on Twitter, often made cryptic posts on his social-media platform that almost immediately influenced the price of doge one way or another. The crypto, now changing hands at just $0.08, reached an all-time high of $0.64 in May 2021. “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,” Musk's lawyers said in the filing . “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.” Doge ( DOGE-USD ) spiked 9% on June 19, 2022, after Musk said he's buying the crypto and will "keep supporting" it.