A group of angry investors has brought a lawsuit against one of the world’s most successful tech startup founders and CEOs, Elon Musk, in U.S. Federal Court for $258 billion. The litigants believe they should be rewarded by U.S. courts for their speculative investment into Dogecoin which ended up unprofitable. Musk’s attorneys have labelled the complaint “as a fanciful work of fiction” and have put forward multiple points to back up the claim of frivolousness.

Firstly, Dogecoin does not make any false or fraudulent representations, nor does it promise any returns. All the DOGE users get when purchasing the coin is their private keys which allow them to spend their coins. The price collapse of DOGE after the last bull run was simply market economics and not a fraud. No one is “betting” on any particular outcome, as Dogecoin is not designed for gambling but rather as a software app produced by a peer-to-peer network.

Since its inception, Dogecoin has actually given its users returns far better than most stocks, unleashing quite a scramble of investors in recent months. After Musk ordered the Twitter logo reset to the famous Doge meme graphic, the coin skyrocketed by 25% in the following day, further fuelling its interest.

Though Mr. Musk undoubtedly supports Dogecoin technology, its overvaluation is not his fault and he most certainly should not be penalized with such a high sum. Litigants feel entitled to squeeze Musk for being in favor of the coin, but that can’t be used as a platform to earn a fortune as it goes against the core principles of investing.

It needs to be made clear that investing into Dogecoin is a risk, not an entitled reversal of damages, and that all responsibility lies upon the investor to make their own decisions in an open and transparent market. Seeking such ridiculous sums for their unprofitable choices only wastes everyone’s time and resources, and such lawsuits SHOULD be dismissed.



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