Out-of-pocket investors want to sue Twitter in Dogecoin lawsuit
Social media giant Twitter could find itself named alongside Elon Musk, Tesla, and the Dogecoin Foundation in an ongoing class action lawsuit that claims doge is a Musk-controlled Ponzi scheme, reports The Block.
The case is being brought by a number of investors who lost money in May 2021 when, after almost two years of constant praise, Musk seemingly disavowed the meme coin and its price shed almost $90 million.
According to the plaintiffs’ legal team, Musk’s decision to switch the Twitter logo for an image of Dogecoin’s famous shiba inu mascot could work in their favor by establishing a concrete link between the two.
Read more: Measuring how much Elon Musk pumps crypto like Shiba Inu, Floki, Doge
“After reviewing defendants’ motions to dismiss we are more confident than ever that we will prevail in this case,” said lawyer Evan Spencer (via the Block).
“Our opposition brief will be filed within 60 days. After the court rules in our favor, we will be filing a motion to add Twitter as a Defendant.”
In March, lawyers for Musk, Tesla, and the Dogecoin Foundation requested that a US federal district court dismiss the case. However, if a judge refuses this request, the already-troubled bird app could find itself dragged into what is an already complicated case.
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