Hey, entrepreneurs and investors, it’s time for another chapter in the compelling narrative that is Elon Musk’s journey through the wild world of cryptocurrencies. We’re diving into a recent twist in the high-stakes, multi-billion-dollar insider trading case lodged against Musk by Dogecoin investors. This time, it’s about Musk’s Manhattan attorney throwing in the towel.
So, the gist is that the Tesla honcho stands accused of using his social media prowess and a memorable Saturday Night Live appearance back in 2021 to fan the flames of Dogecoin’s market price. The investors crying foul are claiming that Musk was involved in some not-so-subtle crypto market manipulation and are aiming to classify Dogecoin as a security within the lawsuit.
Enter stage left, one of Musk’s key lawyers, Adam Gabor Mehes, who has just handed in his papers and exited the lawsuit, making room for the new attorney on the block, Allison Huebert.
To take you back a bit, in March, Musk and his legal team made a move to jettison the lawsuit, which is seeking a hefty $258 billion from the tech billionaire. The investors’ claims paint a picture of Musk being the ringmaster of a Dogecoin-related pyramid scheme. Musk’s defense? His lawyers described these allegations as a “fanciful work of fiction” and an extreme misinterpretation of Musk’s “innocuous and often silly Tweets.”
In their words, “There’s nothing illegal about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that still boasts a market cap of nearly $10 billion. This court should put an end to plaintiffs’ fantasy and dismiss the complaint.”
Musk’s array of tweets in support of Dogecoin have ranged from a simple “Dogecoin Rulz” to the cryptic “no highs, no lows, only Doge.”
It was only last year that Mehes joined Musk’s legal team, a move that led Musk to brag about Tesla boasting a “hardcore litigation department.”
Meanwhile, another Musk attorney, Alex Spiro, has been playing offense, accusing the plaintiff in the Dogecoin insider trading case, Evan Spencer, of allegedly making baseless claims about Musk owning crypto wallets benefiting from Dogecoin price surges. Spencer has vehemently denied the allegation.
The Dogecoin lawsuit is still in play, and with the change in Musk’s legal team, the ensuing courtroom drama promises to be as unpredictable as the world of cryptocurrencies. As always, the savvy investor should keep their ear to the ground. Stay tuned, folks!