Attorneys Call for Dismissal of Lawsuit Accusing Elon Musk of Insider Trading with Dogecoin
Attorneys representing Tesla CEO Elon Musk are urging a judge to dismiss a multi-billion dollar case accusing him of insider trading with Dogecoin. They argue that the accusations are baseless and should be dismissed with prejudice.
Main Breakdowns:
- Musk’s lawyers call the accusations “baseless” and “frivolous” and claim that his tweets about DOGE are innocuous and silly.
- The initial complaint sought $258 billion from Musk, but the lawsuit has been amended three times to include insider trading and market manipulation charges.
- The lawyers argue that Musk’s tweets were mere puffery and that the plaintiffs fail to prove any material falsehoods or misleading intent.
- Both parties agree that Dogecoin is a speculative investment, and the defendants argue that Musk’s private intentions about his tweets are not material non-public information.
- The attorneys assert that the plaintiffs’ allegations have consistently fallen short and lack a sufficiently particularized complaint.
Hot Take:
Elon Musk’s attorneys are pushing for the dismissal of the lawsuit against him, claiming that the accusations are baseless and that his tweets about Dogecoin were harmless. They argue that the plaintiffs have failed to provide sufficient evidence and that the allegations do not meet the legal requirements for a cause of action. While the case has been amended multiple times, it remains to be seen whether the judge will ultimately dismiss the lawsuit or allow it to proceed.
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