Dogecoin launched in 2013 as a fun project to mock Bitcoin. But it has now sparked a $258bn lawsuit against Musk. Musk is mainly known for his controversial tweets and weird actions during different events. But he is now facing a serious charge that might cost him all of his fortunes. Musk constantly covered Dogecoin on his Twitter, which reportedly encouraged people to buy this digital asset. However, after rising from $0.004 to $0.73, Dogecoin’s value plummeted, and it’s now one of the most worthless coins in the market. On the US comedy show Saturday Night Live, Musk called Dogecoin a “hustle” and never reacted to its dropping value. One of the Dogecoin investors is now accusing Musk of “promoting Dogecoin to profit from its trading.”
Elon Musk is facing a $258bn lawsuit over promoting Dogecoin
The lawsuit argues that “Musk used his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure, and amusement.” A broken investor Keith Johnson has filed this lawsuit in a New York court, claiming he was “defrauded out of money” and is fooled by Musk’s endorsements. The lawyers claim that Musk “falsely and deceptively claims that dogecoin is a legitimate investment when it has no value at all.” Also, they relied on the quotes from Bill Gates and Warren Buffett, who questioned Dogecoin as a digital asset. Mr. Johnson wants to represent all those who have lost their assets through Dogecoin since 2019. He is also asking the court to prevent Musk, Tesla, and SpaceX from promoting DOGE. Earlier this year, Tesla announced it accepts Dogecoin as a payment method, but not for EVs. Elon Musk also reacted to new news, saying he will continue to buy and support Dogecoin. Musk also said people can use Dogecoin to purchase merchandise at Tesla and SpaceX.
