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Elon Musk Seeks End to $258 Billion Dogecoin Lawsuit

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Elon Musk Seeks End to $258 Billion Dogecoin Lawsuit

On Friday, Elon Musk asked a US court to dismiss a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.

Lawyers for Musk and his electric car company Tesla Inc (TSLA.O) filed an evening filing in Manhattan federal court, calling the lawsuit by Dogecoin investors a “fanciful work of fiction” based on Musk’s “innocuous and often silly tweets” about Dogecoin.

According to the lawyers, the investors never explained how Musk intended to defraud anyone or what risks he concealed, and his statements like “Dogecoin Rulz” and “no highs, no lows, only Doge” were too ambiguous to support a fraud claim.

“There is nothing illegal in tweeting words of support for, or funny pictures of, a legitimate cryptocurrency with a market cap of nearly $10 billion,” Musk’s lawyers said. “This court should end plaintiffs’ fantasy and dismiss the complaint.”

The lawyers also rejected the investors’ claim that Dogecoin was security in a footnote.

In an email, Evan Spencer, the investors’ lawyer, stated, “We are more confident than ever that our case will be successful.”

Investors accused Musk, the world’s second-richest person, of deliberately driving up the price of Dogecoin by more than 36,000% over two years and then allowing it to crash.

They claimed that this resulted in billions of dollars of profit at the expense of other Dogecoin investors, despite Musk’s knowledge that the currency lacked intrinsic value.

Investors also pointed to Musk’s appearance on NBC’s “Saturday Night Live”‘s “Weekend Update” segment, where, as a fictitious financial expert, he called Dogecoin “a hustle.”

The $258 billion in damages is three times the estimated decline in Dogecoin’s market value in the 13 months preceding the lawsuit’s filing.

The Dogecoin Foundation, a non-profit, is also a defendant requesting that the lawsuit be dismissed.

Multiple lawsuits have been filed in response to Musk’s tweets on Twitter, which he owns.

On Feb. 3, a San Francisco jury found him not liable for tweeting in August 2018 that he had secured financing to take Tesla private.

China Visit for Elon Musk

Meanwhile, Elon Musk plans a trip to China as early as April and hopes to meet with China’s Premier Li Qiang, according to two people familiar with the trip’s preparations.

According to one of the sources, the exact timing of the visit depends on Li Qiang’s availability.

On Friday, Tesla and China’s State Council Information Office did not respond to requests for comment.

After the United States, China is Tesla’s second-largest market, and its Shanghai plant is the electric carmaker’s largest production hub.

Musk’s trip to China would be his first since the COVID-19 pandemic and Xi Jinping’s election to a third term as China’s president. Before becoming premier in March, Li was Shanghai’s party secretary, overseeing the Tesla factory’s construction and opening.

Musk last visited China in early 2020, when he made headlines by dancing on stage at a factory event in Shanghai. He has, however, continued to give virtual speeches at events such as China’s World Internet Conference.

Li and Musk previously met at the Shanghai plant’s opening in 2019. According to local media, Musk thanked the then-Shanghai party secretary for supporting the plant’s operations during the pandemic’s outbreak in an online meeting in 2020.

Musk’s planned visit also coincides with China’s efforts to entice more foreign investment to help shore up an economy battered by three years of COVID restrictions.

Li has been at the forefront of that effort, speaking at business events attended by Apple Inc’s (AAPL.O) Tim Cook and Pfizer’s (PFE.N) Albert Bourla over the past week.

The sources did not specify what Musk plans to discuss or do in China.

Tesla is dealing with several issues, including delays in its plans to more than double production capacity at its Shanghai plant.

Tesla vehicles have also been barred from Chinese military bases and political gatherings due to concerns about cameras installed on the vehicles, and the company is still waiting for Beijing’s approval to offer full self-driving technology in China.

China is also one of the largest non-US economies. According to Reuters, revenue streams for Twitter, which Musk purchased last year for $44 billion.

According to the sources, Twitter’s China operations have caused internal divisions between teams eager to maximize sales opportunities and others concerned about the optics of doing business with state-affiliated entities at a time of rising tensions between Beijing and Washington.

 

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire — See Her Look!

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Hailey Bieber | People Image

Hailey Bieber is channeling her darker side.

On Saturday, June 22, the 27-year-old model, presently pregnant with her first child, published an Instagram Story of herself wearing a black lace gown.

Bieber posed in a black lace bodysuit, emphasizing her baby bump. She paired the outfit with black sunglasses and a small black pocketbook and wore her hair in a sloppy bun.

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Hailey Bieber | People Image

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire

When spotted on the streets of New York City, the Rhode founder was wearing a black leather jacket over his gothic outfit.

Hailey and Justin Bieber announced their first pregnancy in May with a romantic Instagram post in which Hailey held a bouquet and showed off her expanding baby bump.

Justin’s mother, Pattie Mallette, expressed excitement in an Instagram Reel following their news.

“I’ve been waiting for this day. And now that they’ve announced it, I can finally celebrate with you all, and oh my word, I’m going to be a grandmother,” she added in the video.

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Hailey Bieber | People Image

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire

Shortly after, Hailey’s uncle, Billy Baldwin, spoke exclusively with PEOPLE about his growing family. “I really feel like there’s no higher calling than that responsibility,” he said of Hailey and Justin, 30, who are becoming parents.

The couple married in a small courtroom ceremony in September 2018 before exchanging vows in a grander ceremony in South Carolina the following year.

Throughout Hailey’s pregnancy, she has boldly shown her baby bump.

Earlier this month, the pregnant woman took a mirror selfie dressed in baggy black slacks and a slightly cropped striped blouse. She accessorized the look with a black leather shoulder bag, matching sunglasses, and one of Rhode’s viral phone cases.

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Hailey Bieber | Teen Vogue Image

Pregnant Hailey Bieber Shows Off Her Baby Bump In Glam Gothic Attire

Before that, she published photographs from her latest campaign with Yves Saint Laurent, revealing that she had been carrying her child for months when she photographed for the brand.

“Shot this 4 months preggy with a little bean in my belly,” she posted on Instagram Stories, alongside a photo of the ad.

SOURCE – (People )

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Canada Day Parade Cancelled in Montreal Due to Bureaucracy and Politics

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Canada Day Parade Cancelled in Montreal

The organizer of Montreal’s Canada Day parade has cancelled this year’s event, blaming bureaucratic red tape and politics. Nick Cowen the main Organizer of the Montreal Canada Day Parade issued a press release stating that he has had increasing difficulty in obtaining permissions and funds, as well as approval from government officials.

“Despite honoring all conditions set forth, Cowen said in his press release that he had been met with rules that change at the last minute and requests that make putting on the parade virtually impossible, An event that is meant to inspire unity has been thwarted because of division.”

Cowen claimed that in 2023, he was compelled to fill out the same documentation many times and completely restructure the event to satisfy Montreal city regulators. He also stated that he was directed to find 148 volunteers at the last minute, in order to ensure that at least one person stood by the procession cars’ tires.

“Imagine you are in traffic and need four people, one at each tire, to make sure no one runs under the wheel of a normal car,” he stated in an email.

Government Bureaucracy

He added that the federal government “requested that parts of the parade be removed entirely,” including the cake to be presented at the end of the march. “The parade’s budget was also reduced to 2013 levels in another devastating blow to this cherished event,” the author said.

The city of Montreal and the federal heritage agency did not respond to a request for comment on Sunday.

The parade has taken place since the late 1970s, however it was canceled between 2020 and 2022 due of the COVID-19 epidemic.

The news comes as organizers in some communities have rethought their celebrations in recent years due to rising security and insurance costs, as well as funding issues.

Cowen told The Canadian Press that, while COVID-19 contributed to the event’s cancellation, he was also trying to meet mounting costs as federal financing failed to keep up with inflation.

Other Canada Day celebrations will take place in Montreal on July 1, including the customary Old Port celebration with games, face painting, cupcakes, and music.

Canada Day in Montreal

In Montreal, Canada Day is a vibrant celebration that oozes enthusiasm and pride throughout the city. People dress in their finest patriotic garb, and the streets are filled with red and white.

Typically, the day begins with a massive parade through the city center, complete with colorful floats, marching bands, and cultural performers. Local parks are wonderful picnic spots since they host family-friendly activities such as face painting, games, and live music.

Streetside food trucks bordering the avenues serve a variety of Canadian foods, including poutine and maple sugar. Fireworks over the Old Port brighten the sky as the sun sets, creating a fantastic atmosphere.

Concerts and other activities continue throughout the evening, emphasizing local talent and fostering a sense of community. It’s a day of celebration, togetherness, and deep appreciation for Canada’s rich history.

Both locals and foreigners should attend this event because of Montreal’s unique fusion of French and English cultures, which adds a unique flavor to the celebrations.

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NATO Secretary-General Urges Trudeau to Honour Canada’s Spending Target

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NATO Secretary General Jens Stoltenberg Canada
NATO Secretary General Jens Stoltenberg: AP Image

Canada needs to meet NATO’s minimum defence spending target, and present a plan on how it will reach it as a way to show authoritarian regimes that Western allies are aligned, NATO alliance’s secretary general has said.

Numbers NATO released this week show Canada is expected to spend 1.37 per cent of its gross domestic product on defence this year, well below the two per cent target.

“Canada’s standing in NATO is strong, but at the same time of course we expect all allies to make good on the promise of investing two per cent,” Jens Stoltenberg, secretary general of NATO, said during an event hosted by the NATO Association of Canada in Ottawa.

Ahead of Stoltenberg’s remarks, Defence Minister Bill Blair promised the goal will eventually be reached, as Russia’s war in Ukraine raises a threat of expanded conflict in Europe.

Last year, members agreed that two per cent should be a minimum, a reflection of worries over Russia’s ongoing invasion of Ukraine.

Stoltenberg acknowledged it’s tough for politicians to prioritize defence over social services, but said a precondition of success in any Western country is preserving peace and investing in security.

Canada faces the same challenges as all the allied countries that have budgets, he said.

“They’re concerned about the fiscal balance. They want to spend money on health, education and on the other things,” he said.

But at the end of the day, if those countries aren’t able to prevent war, their efforts on health, education and climate change “will fail” he said.

NATO Association of Canada

His remarks on spending received enthusiastic applause from the NATO Association of Canada, including from former defence minister Anita Anand, who snuck in the back to listen to his remarks.

A handful of protesters gathered outside a building in the parliamentary precinct where Stoltenberg spoke.

On the sidewalk in front of the building, “Canada lagging behind our NATO allies” was written in chalk, along with “Trudeau and Blair laughing stocks of the world” and “Canadians are not laughing.”

Stoltenberg’s visit came the same day Russia and North Korea signed an agreement that pledges mutual aid if either country faces “aggression.”

Stoltenberg expressed concern that Russia could be providing support to North Korea’s nuclear and missile programs, and over China “propping up Russia’s war economy” by providing electronics that are being used in weapons and combat against Ukraine.

“So the answer is that when they are more and more aligned, all the authoritarian regimes like North Korea, China, Iran and Russia, then it’s even more important that we are aligned as countries believing in freedom and democracy,” he said.

Defence Spending

Defence spending across European allies and Canada was up nearly 18 per cent this year alone, Stoltenberg said during a speech at the White House on Monday — the biggest increase in decades.

Blair has said Canada’s defence spending will climb to at least 1.75 per cent of its GDP by 2029.

Additional spending on a new submarine fleet and integrated air defence and missile systems will probably push the figure past the two per cent mark, Blair said.

“Let me assure you that we’ve been doing a great deal of work within our Defence Department, with the government of Canada, but also with our NATO allies,” Blair said.

Allies were “very encouraged” by a defence policy update Canada released earlier this year, he said.

Defence spending will be among a number of topics Stoltenberg said he would raise with Prime Minister Justin Trudeau, who he had dinner with on Wednesday.

Defence spending delayed

The secretary general embraced Trudeau and Ottawa warmly, calling Canada like “home” and the prime minister “friend.” Stoltenberg also wants Canada to scale up its contribution in the North and maritime operations.

Both Blair and Anand, now treasury board president, acknowledged this week that defence spending is delayed because of a shortage of procurement workers. “We have the ability to accelerate spending. It does require an investment in people to get the job done,” Blair said.

The Liberal government has set aside $1.8 billion over 20 years to increase the number of workers who can purchase new equipment, recruit, train new soldiers and upgrade infrastructure.

NATO leaders are set to meet in Washington, D.C., next month for an annual summit and mark the alliance’s 75th anniversary.

Increasing funding for Ukraine will be an agenda priority, after Stoltenberg came forward with a proposal for all NATO allies to contribute 40 billion euros a year, Blair said.

At the White House on Monday, Stoltenberg said his expectation for next month’s meeting is to have allies agree “to step up financial and military support to Ukraine,” and reduce the burden on the U.S.

Source: The Canadian Press

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