Billionaire Elon Musk is reportedly denying proudly owning Dogecoin (DOGE) in a lawsuit that alleges he manipulated the worth of the meme asset.
In a letter reportedly reviewed by the New York Submit, Alex Spiro, Musk’s lawyer, says that the plaintiffs’ allegations about his consumer proudly owning a Dogecoin pockets are incorrect and baseless.
“You particularly allege, with out foundation, that the next wallets ‘belong’ to Defendants. You’re unsuitable.”
Musk, a longtime proponent of the dog-themed memecoin, was initially sued in June 2022 by a bunch of disgruntled DOGE house owners who declare that their monetary losses have been resulting from Musk manipulating the worth of the digital asset.
Earlier this month, the plaintiffs sought to amend their grievance, accusing Musk of utilizing Twitter posts, his look on the present “Saturday Evening Stay” and different strategies comparable to paying influencers to advertise DOGE so he may revenue from its value rising.
Additionally they declare that Musk bought about $124 million value of the memecoin after its value skyrocketed 30% following his resolution to quickly change Twitter’s iconic blue chicken brand to that of Dogecoin’s Shiba Inu canine.
Within the submitting, the defendants say that Musk’s “deliberate course of carnival barking, market manipulation and insider buying and selling” allowed him to deceive buyers and promote himself and his companies.
Nevertheless, within the letter, Spiro says the one proof offered towards the notion that the wallets belong to Musk is circumstantial.
“The only real foundation in your declare is that these wallets bought Dogecoin at a time when, in keeping with the Third Amended Grievance, costs have been up.”
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