Elon Musk’s $258B Dogecoin Lawsuit Grows as New Defendants Join DOGE Investors – Featured Bitcoin News

Elon Musk’s $258B Dogecoin Lawsuit Grows as New Defendants Join DOGE Investors – Featured Bitcoin News

The $258 billion lawsuit filed against Elon Musk, Tesla and Spacex over their promotion of Dogecoin has been expanded to include new defendants and DOGE investors. The plaintiffs allege that the dogecoin cryptocurrency meme is a Ponzi scheme, noting that Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”

New Defendants and Plaintiffs in Dogecoin Lawsuit Against Elon Musk

Amended Complaint of The $258 billion lawsuit against Elon Musk, Tesla and Spacex was filed Tuesday in federal court in Manhattan.

Seven new investor plaintiffs and six new defendants, including Musk’s tunnel-building firm The Boring Company and the Dogecoin Foundation, are added to the lawsuit.

Musk, Tesla, Spacex, The Boring Company and other defendants are accused of intentionally driving up the price of dogecoin (DOGE) by more than 36,000% over two years before the meme cryptocurrency crashed.

The lawsuit alleges that the defendants “profited tens of billions of dollars” at the expense of other dogecoin investors, claiming they knew all along that the crypto meme had no intrinsic value and that its value “depends solely on marketing.”

The lawsuit was originally submitted in June, alleging that Musk and his companies were “engaged in a crypto pyramid scheme (also known as a Ponzi scheme) through the dogecoin cryptocurrency.” The plaintiffs claimed that “Defendants falsely and misleadingly claim that Dogecoin is a legitimate investment when it has no value whatsoever.”

Following news of the original lawsuit, Musk confirmed that he would keep buying and supporting dogecoin. The Tesla CEO, dubbed the Dogefather by cryptocurrency meme supporters, promotes dogecoin on Twitter. He said meme crypto has potential as currencycalling it the people’s crypt.

In May, Musk said Spacex will accept soon DOGEs for goods and Starlink subscriptions may follow. Tesla is already accepting meme coin for some goods. The The Boring Company began accepting DOGE as payment for rides on its Las Vegas Loop transit system in July.

After Tesla sold 75% of its bitcoins in July, Musk confirmed that his electric car company he didn’t sell any of its events, noting that it is BTC the sale was due to concerns about the company’s overall liquidity, given the Covid shutdown in China.

What do you think about this dogecoin lawsuit against Elon Musk and his companies? Let us know in the comments section below.

Elon Musk’s $258B Dogecoin Lawsuit Grows as New Defendants Join DOGE Investors – Featured Bitcoin News

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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