More People Join the Dogecoin Lawsuit Against Elon Musk
Elon Musk is one of those people who has always been vocal about supporting the Dogecoin (meme coin). In fact, he has tweeted about the cryptocurrency numerous times and sent its price flying high. However, the rise in the Dogecoin price died along with the hype soon enough.
This rapid rise and fall of Dogecoin caught many investors off-hand, and as a result, they lost their funds. This has led to a lot of people joining the lawsuit against Elon Musk - The lawsuit is for $258 billion, which could cause some serious problems for Elon Musk if he losses against the plaintiffs.
The man behind the lawsuit was Keith Johnson, who lost money due to the decline in Dogecoin prices. According to Mr. Keith Johnson, Elon Musk is promoting a pyramid scheme and is making people lose their hard-earned money. Recently, more people have joined the lawsuit against the billionaire.
Lawsuit Is Gaining More Support
The lawsuit has around 7 more plaintiffs and around 6 new defendants as well. The lawsuit clearly states that Elon Musk is running a pyramid scheme through which he is causing losses for investors. According to the plaintiffs, multiple people, including Elon Musk, made a lot of money (billions of dollars) by posting about it on the internet.
The lawsuit also accused the billionaire of pumping the price of Dogecoin despite knowing that the meme coin had no intrinsic value.
The lawsuit has named multiple companies of Elon Musk, such as Tesla, SpaceX, and Borning. It also includes the Dogecoin Foundation, which is responsible for the Dogecoin cryptocurrency.
Elon Musk Is Still Supporting Dogecoin
Despite the lawsuit of $258 billion, Elon Musk continues to support Dogecoin and is very vocal about it. If we look at the matter closely, it becomes clear that Tesla and Elon Musk are holding the Dogecoin cryptocurrency. The Tesla company has sold around 75% of BTC but they continue to hold the Dogecoin position.