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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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Britain Must Be Ready for War in 3 Years, Warns New Army Chief

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Britain Must Be Ready for War in 3 Years, Warns New Army Chief

The new head of the Army has stated that Britain must be prepared to fight a war within three years.

Gen Sir Roland Walker has issued a warning about a variety of risks in what he calls a “increasingly volatile” environment.

However, he stated that war was not inevitable and that the Army had “just enough time” to prepare to prevent conflict.

He stated that the Army’s fighting capacity would be doubled by 2027 and tripled by the end of the decade.

Gen Walker warned that the Britain was under threat from a “axis of upheaval” in his first speech as Prime Minister on Tuesday.

Among the primary concerns confronting the Britain in the next years, as noted by the general in a briefing, is an enraged Russia, which may seek vengeance on the West for helping Ukraine, regardless of who wins the war.

He stated: “It doesn’t matter how it finishes. I believe Russia will emerge from it weaker objectively – or completely – but still very, very dangerous and seeking some form of retaliation for what we have done to assist Ukraine.”

Britain’s Government Defence Review and Military Challenges

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He also warned that China was determined to retake Taiwan, and Iran was likely to seek nuclear weapons.

He stated that the threats they posed may become particularly acute in the next three years, and that these countries had formed a “mutual transactional relationship” since the war in Ukraine, sharing weaponry and technology.

However, he stated that the path to conflict was not “inexorable” if the UK re-established credible land troops to assist its deterrent strategy for avoiding war.

In his speech, he described his force of slightly over 70,000 regular troops as a “medium-sized army” and made no direct call for additional resources or men.

However, he pushed the British Army to adapt swiftly, focussing on technology such as artificial intelligence and weaponry rather than numbers.

His ultimate goal is for the Army to be capable of destroying an opponent three times its size.

This would entail firing quicker and farther, he said, aided by lessons learnt from the Ukraine war.

The general’s speech at the Royal United Services Institute land warfare conference comes only one week after the government began a “root and branch” defence review to “take a fresh look” at the challenges facing the armed services.

Defence Secretary John Healey launched the assessment, describing the existing status of the armed forces as “hollowed-out” and stating that “procurement waste and neglected morale cannot continue”.

According to the most recent Ministry of Defence (MoD) numbers from April 2024, the Britain’s regular Army forces total 75,325 troops (excluding Gurkhas and volunteers).

That figure has been declining in recent years, as recruiting has failed to match retention. The previous Conservative administration lowered the planned headcount from 82,000 to 72,500 by 2025.

Members of the NATO military alliance have agreed to spend at least 2% of GDP on defence by 2024, but several countries are unlikely to fulfil this goal.

The Britain presently spends 2.3% of its GDP on defence. Prime Minister Sir Keir Starmer has previously stated that the defence review will include a “roadmap” for increasing this to 2.5%, however he has yet to provide a date for this promise.

Source: BBC

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Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal

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ledecky

PARIS — Katie Ledecky is looking for clean Olympic races. On Wednesday, Hope had pretty much reached her limit.

The American swimmer hopes to add to her six gold medals as she competes in the 400, 800, and 1,500 meters at the Paris Games. Her program starts with the heavy 400 on Saturday, featuring Ariarne Titmus and Summer McIntosh.

ledecky

Katie Ledecky | ESPN Image

Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal

The 27-year-old Katie is competing in her fourth Summer Olympics, but the first since a doping scandal involving almost two dozen Chinese swimmers who tested positive for a banned chemical before the Tokyo Games — yet were permitted to compete with no consequences. The controversy has raised serious worries regarding the effectiveness of anti-doping initiatives.

ledecky

Katie Ledecky | Vogue Image

“I hope everyone here is going to be competing clean this week,” Ledecky claimed. “But what truly counts is, were they training cleanly? Hopefully this has been the case. Hopefully, there has been worldwide testing.”

The International Olympic Committee has expressed concern over the ongoing US investigation into possible doping by Chinese swimmers. While awarding the 2034 Winter Olympics to Salt Lake City on Wednesday, the IOC urged Utah officials to do whatever they could to stop the FBI investigation.

“I think everyone’s heard what the athletes think,” Katie added. “They seek transparency. They want more answers to the remaining questions. At this point, we are here to race. We are going to race whoever is in the lane next to us.

“We are not paid to conduct the tests, so we trust those who follow their regulations. That applies both today and in the future.

 

ledecky

Katie Ledecky | ESPN Image

Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal

SOURCE | AP

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London Heatwave Alert: High Temperatures Set to Soar to 29C Next Week

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London Heatwave Alert High Temperatures Set to Soar to 29C Next Week

As the summer holidays begin, London may experience an official heatwave with temperatures reaching up to 29 degrees Celsius.

The Met Office predicts a long period of sunny and dry weather for London after a soggy spring and summer.

After a cloudy day on Saturday, temperatures are expected to reach 27C on Sunday, with lots of sunlight.

On Monday and Tuesday, temperatures are forecast to peak at 29 degrees Celsius. Monday is forecast to offer more sunlight, while Tuesday may see some gloomy weather.

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Temperatures are expected to remain in the high 20s next week, with lows of approximately 18C.

According to the Met Office, a heatwave is “an extended period of hot weather relative to the expected conditions of the area at that time of year, which may be accompanied by high humidity.”

In the United Kingdom, a heatwave is proclaimed when daily temperatures meet or surpass a certain level for at least three consecutive days.

In London, the heatwave threshold is 28 degrees Celsius.

The Met Office reported that the UK is experiencing hotter and wetter weather on average due to climate change.

The UK experienced its warmest May and April on record this year, despite damp and dismal conditions in many areas.

According to the Met Office’s State Of The UK Climate 2023 report published on Thursday, the UK experienced historic levels of extreme weather last year.

In the United Kingdom, 2023 was the second warmest year on record, bringing storms, flooding, strong heatwaves, and rising sea levels; only 2022 was warmer.

It was 0.8°C higher than the average from 1991 to 2020, and 1.66°C higher than the 1961 to 1990 average.

However, 2023 will be a “cool year” in comparison to 2100, based on the planet’s warming trajectory.

The government’s plan to adapt to the hazards presented by climate change is currently being challenged in the High Court by campaigners who allege the Tory administration’s July 2023 National Adaptation Programme (NAP) fails to adequately address 61 concerns.

Source: The Standard

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