The American billionaire is being sued for $258 billion in a racketeering lawsuit alleging Musk ran a pyramid scheme to support Dogecoin.
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On Apr. 3, social media giant Twitter changed its icon to that of the symbol on the popular meme token Dogecoin (DOGE). Just two days prior, Elon Musk, CEO of Twitter and Tesla, asked a U.S. judge to dismiss a $258 billion lawsuit filed by investors alleging the operation of a pyramid scheme to promote Dogecoin.
Dogecoin is up sharply in light of the news, with its price surging by more than 22% in the past hour to $0.09784 apiece. The icon change took place platform-wide and is directly visible by the social media giant’s estimated 360 million monthly active users, and visitors to the platform alike. Musk’s lawyers reportedly argued that “funny pictures” and “tweeting words of support” do not amount to a fraud claim.
This is a developing story and will be updated accordingly.