• Elon Musk and Tesla have taken legal action against Evan Spencer, the lawyer representing Dogecoin investors in a lawsuit.
• The motion for Rule 11 sanctions argues that Spencer was aware of the false premise of his case before filing it.
• Following this news, DOGE experienced a sudden surge of 3% in value due to an Elon Musk tweet.
Elon Musk & Tesla Take Action Against Lawyer
Elon Musk and Tesla Inc. have launched a counterattack against the attorney representing the individuals who filed a lawsuit on behalf of Dogecoin investors. In a recent submission to the U.S. District Court for the Southern District of New York, Musk requested Rule 11 penalties against Evan Spencer from Even Spencer Law. Spencer is the legal representative for a potential group of Dogecoin investors who accused Musk and his company of manipulating the value of the cryptocurrency for their gains.
False Premise Allegations
According to a Reuters report , Elon Musk and Tesla have taken action by filing a motion for Rule 11 sanctions against Evan Spencer, the attorney representing the plaintiffs in the Dogecoin lawsuit. They argued in their recent filing that Spencer had prior knowledge of the false basis of his case before initiating legal proceedings, marking a new offensive strategy from Musk and his legal team. More than a month had passed since Spencer filed an amended complaint on behalf of the plaintiffs, accusing tech billionaire Elon Musk and Tesla Inc., with profiting billions by selling off DOGE after generating hype for it on Twitter — which he recently bought — alleging insider trading as well. However, attorneys contested that wallets mentioned in amended complaint did not belong to any individual associated with Tesla or its owner-Musk . The filing further emphasized that Spencer was already aware of this fact before submitting amended complaint containing allegations regarding insider trading . Thus , Elon musk’s legal team urged presiding judge to dismiss amended complaint while levying sanctions upon Evan spencer . Subsequently , DOGE experienced decrease over 7 percent following motion being submitted .
Dogecoin Surge After Tweet
Yesterday , value dogecoin underwent sudden significant increase , surging 3 percent within one minute resulting rise from $0 070 $073 per DOGE . Driving force behind rapid surge none other than elon musk himself . Known hi penchant tweeting crypto-related topics , tech mogul tweeted “Going To Moon Very Soon” along image rocket taking flight background doge logo . Such declarations contributed increase doge prices past week as public deem such statement credible source information based beliefs musk influence market trends values cryptocurrencies such dogecoin .
The implications arising out these events unpredictable at present time however many analysts suggest move could either adversely or positively affect doge values future course remains seen whether elon musk prevail court fight evan spencer or vice versa due impending decision court proceedings highly volatile nature cryptocurrency market result could either way .
In conclusion , elon musk has launched counterattack against evan spencer by imposing rule 11 sanctions meanwhile doge experienced surge 3% yesterday due musks tweet hinting imminent mooning event suggesting bullish sentiment among traders investors alike despite volatility all elements market can very well witness boost price near future depending outcome court battle between two parties involved dispute over alleged manipulation prices doge coin through tweets media publicity generated elon musks end .