Dogecoin Investor Sues Elon Musk For $258B

Elon Musk has been sued for $258 Billion by Plaintiff Keith, a Dogecoin investor for the investment swindle to support Dogecoin.
Elon Musk The Doge father , takes advantage of his position as Twitter’s biggest shareholder to inflate the cryptocurrency’s price.

A class action lawsuit was filed in the federal court of Manhattan on Thursday. Johnson Keith accused Musk, the electric carmaker and the space tourism company for touting Dogecoin and driving up its price, only to let the price tumble down. In 2019, Elon Musk began to promote or rather mention Dogecoin on Twitter .Elon twitted that he would pay people that dared to void their Dogecoin accounts. Musk noted that Tesla accepts Dogecoin as payment for merchandise and reiterated that SpaceX will do the same soon. He exploits Dogecoin for hi own profit and amusement.

Tesla and Space X CEO Elon Musk is involved in the Investment swindle worth $258 billion. Elon is accused by a Dogecoin investor, Plaintiff Keith of claiming to be investing $258 million in cryptocurrency. Elon Musk used his pedestal as the worlds richest man to promote Dogecoin on Twitter . Elon Musk has been controlling the price of the meme coin and is liable of the loss that many investors have incurred . Musk has frequently exemplified the doge -themed cryptocurrency on his twitter account, causing the price of the coin to spike.

Earlier this year, Musk said the electric carmaker, Tesla would also accept Dogecoin as payment, tweeting:

“Tesla merch buyable with Dogecoin”

The $258 billion racketeering lawsuit filed in a Manhattan federal court accused Elon Musk and the entities he owns of running a pyramid scheme by driving up the price of Dogecoin more than 36,000% over two years and then let it crash.https://t.co/2M68NBHlzk pic.twitter.com/B6R7GfhxSe

— Reuters Legal (@ReutersLegal) September 7, 2022

Shortly after he became Twitter’s biggest shareholder in April, Musk suggested a raft of changes to the social media giant’s Twitter Blue premium subscription service, including giving users an option to pay in Dogecoin.

Plaintiff said Dogecoin’s selloff began around the time Musk hosted the NBC show “Saturday Night Live and, playing a fictitious financial expert on a “Weekend Update” segment, called Dogecoin “a hustle.” He claims that this is when the fraudulent investment scheme began. Plaintiff uses those tweets and Musk’s own references to himself as the “Doge father”. The price of Dogecoin has been dropping like a bomb over the past year. The coin was launched in 2013 , the price of a single coin being $.0002. At the time of writing DOGE is trading for $0.06045 a 2.03% decline in the last 24 hours.

The complaint calls for triple the damages of $86 billion, which is how much the plaintiff alleges has been lost by Dogecoin investors since Musk first started tweeting about it. Plaintiff wants the judge to block Elon Musk and his companies from promoting cryptocurrency in any social media platform. The judge is also to declare that advertising Dogecoin is gambling under Federal and New York law. Plaintiff also mentions the clump of comments from Warren Buffet , Bill Gates and others questioning and commenting on the value of cryptocurrency.