Benzinga - Elon Musk, the CEO of Tesla, is currently entangled in a legal battle with a group of disgruntled Dogecoin (CRYPTO: DOGE) investors, and his attorneys argued on Monday that the litigation has dragged on for an excessive amount of time.
What Happened: The counsel representing Musk filed a motion requesting the dismissal of the plaintiff’s revised complaint in a New York federal court.
In a letter supporting the dismissal, Musk’s lawyer, Alex Shapiro, strongly criticized the latest complaint submitted on behalf of the Dogecoin investors, describing it as an example of "abusive and belligerent litigation tactics" from the opposing counsel.
"Enough is enough," Shapiro wrote.
The lead attorney in the class-action lawsuit against Musk, Evan Spencer, made amendments to the lawsuit’s complaint for the third time in June, adding additional allegations.
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Why It Matters: The lawsuit, initially seeking a staggering $258 billion in damages when it was filed in June of the previous year, accuses Musk of engaging in market manipulation, insider trading, and a deliberate course of actions related to Dogecoin.
Over the years, Musk’s enthusiasm for Dogecoin has been widely documented, starting with his initial tweet in April 2019 stating that Dogecoin could be his favorite cryptocurrency.
Since acquiring Twitter, his support for Dogecoin has gained even more momentum. One highly publicized moment involving Dogecoin occurred around April Fools Day when Twitter temporarily replaced its logo with Dogecoin’s Shiba Inu mascot.
Price Action: At the time of writing, DOGE was trading at $0.074, up 1.6% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Shutterstock.com
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