There is a possibility that the social media platform Twitter could be a part of the lawsuit between Elon Musk and a few Dogecoin investors. A group of investors is alleging that they lost money between 2019 and 2021. In May 2021, Musk appeared on SNL and called the canine-themed crypto a “hustle.” What followed was a wipeout of $86 billion from DOGE’s cap.
In the June 2022 lawsuit, the Dogecoin (DOGE) investors named Elon Musk as a defendant, however, Twitter was left out. In October 2022, Musk acquired Twitter for a whopping $44 billion.
Now, Earlier this month, Musk changed Twitter’s logo to that of a Shiba Inu dog, which is also the mascot and logo of DOGE. This resulted in Dogecoin rallying by nearly 30%. However, the rally was short-lived as prices came down once the logo was reverted back to the original one.
Will Twitter be pulled into Elon Musk’s Dogecoin battle?
Musk’s Twitter logo change, according to Evan Spencer, may pull the social media platform into the ongoing dispute. Spencer represented the investors who contend they lost money on Dogecoin as a result of Musk’s price manipulation. Spencer said that “After reviewing the defendants motions to dismiss we are more confident than ever that we will prevail in this case.”
The attorney further stated that the opposition brief will be filed in 60 days. Spencer added that if the court rules in their favor, they will file a motion to add Twitter as a defendant.
If Twitter is dragged into the lawsuit, there may be some ramifications for Dogecoin and Elon Musk. Although Musk is recognized as one of the biggest proponents for DOGE, the people behind the lawsuit feel differently.