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Elon Musk could face a $258billion racketeering lawsuit as angry crypto investors are accusing him of 'manipulating' the price of the cryptocurrency Dogecoin.
Lawyers for the SpaceX and Twitter CEO have asked US judges to throw out a court case which accuses Musk of deliberately driving up the price of Dogecoin by 36,000% over two years and then allowing it to crash.
The court filing alleges Musk 'used his pedestal as World's richest man to operate and manipulate the Dogecoin Pyramid Scheme'.
READ NEXT: Elon Musk changes Twitter' logo to Dogecoin dog as users slam 'late April Fool's prank'
However, Musk's lawyers have called the legal case a 'fanciful work of fiction' about Musk's 'innocuous and often silly tweets' about the Dogecoin cryptocurrency.
According to Reuters, investors are accusing Musk of intentionally driving up the price of Dogecoin to generate billions in profit by publicly supporting the cryptocurrency on Twitter and Saturday Night Live.
Musk's lawyers said: "There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.
"This court should put a stop to plaintiff's fantasy and dismiss the complaint."
However, Evan Spencer, a lawyer for the complainants, said: "We are more confident than ever that our case will be successful."
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Last night, Musk took the unusual step of changing Twitter's logo to the Dogecoin dog, in what could be a reference to the lawsuit.
Social media users noticed that the Dogecoin dog took the place of the iconic blue Twitter bird yesterday on April 3.
Musk was lambasted by angry Twitter users for the move. One person wrote: "I think this might actually be what breaks me. It's just too embarrassing to post on Twitter if this is the logo."
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