Twitter’s official logo was taken over by a familiar face the week of April 2 after Elon Musk converted the platform’s signature blue bird to a Shiba Inu dog on its desktop site front page. The dog has been a symbol often linked to the cryptocurrency Dogecoin, and the change of logo briefly saw the digital coin soar about 30% Monday, April 3.
In a tweet, Musk shared an old photo, writing he made the move “as promised.”
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Meanwhile, as Musk continues having fun with his meme-worthy antics, he is also asking a judge to end a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin, as reported by Reuters.
Pointing to a “Saturday Night Live” appearance and some past tweets, investors accuse Musk of deliberately driving up Dogecoin’s price some 36,000% and then letting it crash. They said this generated billions of dollars of profit at other Dogecoin investors’ expense, even as Musk knew the currency lacked intrinsic value. The $258 billion damages figure is triple the estimated decline in Dogecoin’s market value in the 13 months before the lawsuit was filed.
But Musk’s lawyers branded the lawsuit a “fanciful work of fiction” over Musk’s “innocuous and often silly tweets” about Dogecoin. They have asked the judge to throw out the case, arguing there’s nothing unlawful about tweeting words of support or funny pictures about a legitimate cryptocurrency with a nearly $10 billion market cap.
The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he concealed, and that his statements such as “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to support a fraud claim, per Reuters.
At its peak in May of 2021, the price of Dogecoin soared to a record of about 74 cents a coin, according to Forbes. The digital coin is now tracking steady at around 10 cents as of this report.
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