The investors sued Musk in the third amendment to the lawsuit filed in Manhattan federal court.
After the filing of the second amendment in March, Musk and Tesla sought its dismissal because it’s a “fanciful work of fiction.” Musk sold around $124 million of Dogecoin in April after the cryptocurrency’s price jumped 30 percent when he replaced Twitter’s blue bird logo with Dogecoin’s shiba inu dog logo, the investors allege.This isn’t the first time that Musk has found himself entangled in a legal battle with Dogecoin investors. He was first sued in June 2022 by investors of Dogecoin alleging that he was running a pyramid scheme to support the cryptocurrency. The investors sued Musk for $258 billion.
The complaint filed by the investors said, "Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement."in August last year, Musk claimed that he likes Dogecoin because the cryptocurrency does not take itself too seriously. Instead, it has "memes and dogs" and "a sense of humor.
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