Investors believed Musk was creating a pyramid scheme to promote Dogecoin, leading to his $258 billion lawsuit.
.On several areas of the company’s website, Twitter CEO Elon Musk seems to have replaced the company’s logo with the icon for the well-known cryptocurrency Dogecoin.
On his own Twitter account, Musk used an online meme to announce the transition.
After the revelation, the currency increased by as much as 30%, and Doge soon started trending online.Currently, the price is currently trading at $0.1, which is considerably lower than the $0.64 high reached in 2021.
The Twitter PR team responded to a request for comment with an auto-reply email that included a happy poop emoji.
The action follows several policy changes for the troubled social media firm, including a modification to its verification process that resulted in the loss of the blue checkmark for well-known accounts like the New York Times.
According to a leaked email from Musk, Twitter’s worth has fallen by an estimated $20 billion, or half, in the months since he bought the company.
Dogecoin has a challenging 2022.
Twitter CEO Elon Musk has changed the company’s logo to the symbol for Dogecoin—a popular cryptocurrency—in some parts of its website. On his own Twitter account, Musk used an online meme to announce the transition.
After the revelation, the currency increased by as much as 30%, and Doge soon started trending online.The price is at $0.1, so that’s much less than its high of $0.64 in 2021.
For allegedly manipulating Dogecoin markets, Musk is being sued.
Musk’s move comes after he urged a US judge on March 31 to toss out a $258 billion racketeering lawsuit that alleges him of creating a pyramid scheme to benefit Shareholders.
Investors contend that Musk inflated Dogecoin’s price by more than 36,000% before allowing it to decline so he could short the cryptocurrency. The complaint cites his participation on Saturday Night Live and tweets like “Dogecoin Rulz,” in which he encouraged viewers to buy Dogecoin.
According to court filings, the $258 billion in damages is treble the decrease in Dogecoin’s value during the preceding 13 months.
According to Musk’s attorneys, his claims were too ambiguous to qualify as fraud.
Musk’s lawyers, according to a Reuters report, said that it is allowed to tweet support for or humorous pictures of a genuine cryptocurrency that still has a market value. of close to $10 billion. This court ought to reject the lawsuit and put an end to the plaintiffs’ delusion.