Musk was sued for $258 billion by an investor in Dogecoin.

(File photo, Reuters)

[Financial Channel/Comprehensive Report] A Dogecoin investor sued billionaire Elon Musk last year, arguing that he manipulated Dogecoin prices and made him a victim of Dogecoin pyramid schemes.

Musk submitted documents on Friday (March 31) asking the judge to dismiss the Dogecoin lawsuit for $258 billion (approximately NT$7.92 trillion).

Musk and his lawyers said in the filing that the investor never explained how Musk intended to defraud others, or what risks he was hiding.

The lawyer emphasized that it is not illegal to post on Twitter to support legal cryptocurrency speeches with a market value of nearly US$10 billion (about NT$307.2 billion).

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The investor recently accused Musk of deliberately inflating the price of Dogecoin for two years before letting it crash, and believed that Musk knew that Dogecoin lacked intrinsic value and made other Dogecoin investors Paid the price.

The investor also accused Musk of impersonating a fake financial expert when he appeared on "Saturday Night Live" (Saturday Night Live), saying that Dogecoin was "basically a scam," causing the value of the currency to plummet.

The investor demanded $258 billion in compensation from Musk, which is three times the amount lost by Dogecoin investors since Musk started buying and promoting Dogecoin in 2019.

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