Lawyers want to include Twitter in the list of defendants in the lawsuit of DOGE investors against Elon Musk
The social network Twitter may become another defendant in the case of its owner Elon Musk, who is accused of manipulating the price of the Dogecoin (DOGE) token. This was stated The Block lawyer involved in the Evan Spencer case.
A lawyer representing the plaintiffs said that changing the logo of the social network to the image of a Shiba Inu with DOGE could be the reason why a new defendant could appear in the case.
“After considering the defendants’ motions to dismiss the case, we are more confident than ever that we will win this case. Our list of objections will be ready within 60 days. After the court rules in our favor, we will file a motion to add Twitter as a defendant,” he said.
What happened to DOGE
On April 3, the Twitter logo changed to the image of a dog from a popular coin meme. After that, the price of DOGE rose by 20%. Social network users suspected this was an April Fool’s joke, but Musk did not comment on this. As a result, during the first day, traders lost $30 million due to the wave of DOGE liquidations. The greatest losses were suffered by traders on the OKX crypto exchange, having lost more than $15 million on DOGE positions.
A few days later, the social network logo changed to the old one, and DOGE reacted with a sharp drop – in the first 24 hours, the price of the coin sank by 9%. However, how much exactly investors lost on the fall of the coin is unknown.
Investors demand billions of dollars from Musk
Investors are suing Musk, accusing him of losing money between 2019 and 2021. They allege that the billionaire deliberately manipulated the price of the token by increasing it by 36,000% with tweets in support of the coin and then calling DOGE “a fuss.” As a result of the latest announcement, the price of the token plummeted, and investors lost $86 billion.
However, the defendant’s lawyers are calling the claims a “bizarre fabrication” due to Musk’s “harmless and often silly tweets” about the coin. They call the statements of the owner of the social network too vague to have any effect on the price of DOGE.
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