Twitter's blue bird icon was replaced yesterday morning with an image of a Shiba Inu, a nod to Dogecoin, fake cryptocurrency CEO Elon Musk is being sued.
The controversial social media boss, who bought Twitter for $44 billion last year, took to the Switch on Monday afternoon, tweeting an image of a year-long conversation in which another user has suggested to Musk "just buy Twitter". '. a Doge'.
Just two days later, the new joke logo appeared on the site, shortly after Musk asked a judge to dismiss a $258 billion racketeering lawsuit accusing him of running a scheme pyramid in favor of Dogecoin.
It's not yet clear if the logo change was serious and permanent or just satirical. Lawyers for Musk and Tesla called the Dogecoin investors' lawsuit "imaginative fiction" about the CEO's "harmless and often silly tweets."
The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he was hiding, and that his statements such as "Dogecoin Rulz" and "no ups and downs, just Doge" are too vague to warrant support for fraud.
"There is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that continues to have a market capitalization of nearly $10 billion," Musk's lawyers said. "This court should put an end to the imagination of the plaintiffs and dismiss the lawsuit."
In a footnote, the attorneys also dismissed claims by investors that Dogecoin was labeled as a security.
Investors' attorney Evan Spencer said in an email: "We are more confident than ever in the success of our case."
Investors have accused Musk, the second richest person in the world according to Forbes, of deliberately raising the price of Dogecoin by more than 36,000% over two years and then allowing it to crash.
They said it generated billions of dollars in profits at the expense of other Dogecoin investors, even when Musk knew the coin had no intrinsic value.
Investors also pointed to Musk's appearance in a "Weekend Update" segment of NBC's "Saturday Night Live," where, playing a fictional financial expert, he called Dogecoin "a hustle."
The $258 billion in damages represents three times the estimated decline in market value of Dogecoin in the 13 months before the lawsuit was filed.
The Dogecoin Foundation, a non-profit organization, is also being sued and is asking for the lawsuit to be dismissed.
Musk's posts on Twitter, which he owns, have sparked several lawsuits.
He won a court victory on February 3 when a San Francisco jury found him not responsible for tweeting in August 2018 that he arranged the financing to take Tesla private.
The usually volatile Dogecoin has jumped more than 20% in the past 24 hours to around 9 cents.
Monday morning, it was trading at just under 8 cents.
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White Clover Markets
Twitter's blue bird icon was replaced yesterday morning with an image of a Shiba Inu, a nod to Dogecoin, fake cryptocurrency CEO Elon Musk is being sued.
The controversial social media boss, who bought Twitter for $44 billion last year, took to the Switch on Monday afternoon, tweeting an image of a year-long conversation in which another user has suggested to Musk "just buy Twitter". '. a Doge'.
Just two days later, the new joke logo appeared on the site, shortly after Musk asked a judge to dismiss a $258 billion racketeering lawsuit accusing him of running a scheme pyramid in favor of Dogecoin.
It's not yet clear if the logo change was serious and permanent or just satirical. Lawyers for Musk and Tesla called the Dogecoin investors' lawsuit "imaginative fiction" about the CEO's "harmless and often silly tweets."
The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he was hiding, and that his statements such as "Dogecoin Rulz" and "no ups and downs, just Doge" are too vague to warrant support for fraud.
"There is nothing illegal about tweeting words of support or funny images about a legitimate cryptocurrency that continues to have a market capitalization of nearly $10 billion," Musk's lawyers said. "This court should put an end to the imagination of the plaintiffs and dismiss the lawsuit."
In a footnote, the attorneys also dismissed claims by investors that Dogecoin was labeled as a security.
Investors' attorney Evan Spencer said in an email: "We are more confident than ever in the success of our case."
Investors have accused Musk, the second richest person in the world according to Forbes, of deliberately raising the price of Dogecoin by more than 36,000% over two years and then allowing it to crash.
They said it generated billions of dollars in profits at the expense of other Dogecoin investors, even when Musk knew the coin had no intrinsic value.
Read Also : Did Kim Kardashian and North West’s TikTok account get banned?Investors also pointed to Musk's appearance in a "Weekend Update" segment of NBC's "Saturday Night Live," where, playing a fictional financial expert, he called Dogecoin "a hustle."
The $258 billion in damages represents three times the estimated decline in market value of Dogecoin in the 13 months before the lawsuit was filed.
The Dogecoin Foundation, a non-profit organization, is also being sued and is asking for the lawsuit to be dismissed.
Musk's posts on Twitter, which he owns, have sparked several lawsuits.
He won a court victory on February 3 when a San Francisco jury found him not responsible for tweeting in August 2018 that he arranged the financing to take Tesla private.
The usually volatile Dogecoin has jumped more than 20% in the past 24 hours to around 9 cents.
Monday morning, it was trading at just under 8 cents.