Elon Musk, the second-richest man in the world, has caused a stir on Twitter by changing the platform’s logo to feature the Dogecoin symbol instead of the iconic blue bird. The move caused the value of Dogecoin to surge by over 30% on Monday, April 3rd, following the surprise change. Musk, who acquired Twitter for $44 billion last autumn, has been an avid supporter of the Dogecoin meme and has previously endorsed it on his social media accounts. The change to Twitter’s logo was not the only event to boost Dogecoin’s value in recent weeks. Musk previously posted an image of the Dogecoin dog and referred to it as the new CEO of Twitter, causing the cryptocurrency’s price to soar. Despite the positive effects of Musk’s endorsement, he has faced legal action over his promotion of Dogecoin. In June 2022, Musk was sued for promoting Dogecoin and engaging in racketeering. The lawsuit, which was filed in the Southern District of New York’s US District Court, sought damages of $258 billion. Musk’s legal team filed a motion to have the lawsuit dismissed on March 31st, claiming that the plaintiffs had not demonstrated how his statements in support of Dogecoin had deceived investors or concealed any risks. The filing stated that there was nothing illegal about promoting a legitimate cryptocurrency such as Dogecoin, which has a market capitalization of nearly $10 billion. Musk’s lawyers argued that the plaintiffs had failed to provide an actionable theory for their claims and urged the court to dismiss the complaint. Musk’s decision to change Twitter’s logo to feature the Dogecoin symbol has been interpreted by some as a form of trolling against the litigants. The timing of the logo change, combined with Musk’s previous endorsements of the cryptocurrency, suggests that he is unafraid of the legal challenges he faces and remains committed to promoting Dogecoin.
