Elon Musk, Tesla, Spacex Facing $258 Billion Lawsuit for Promoting Dogecoin

Elon Musk, Tesla, and Spacex are being sued for $258 billion over claims that they “are engaged during a crypto scheme (aka Ponzi scheme) by means of dogecoin cryptocurrency.” The lawsuit states that Musk and his corporations “falsely and misleadingly claim that dogecoin may be a legitimate investment once it’s no worth in the least.”

Lawsuit Filed Against Elon Musk, Spacex, Tesla Over Dogecoin

Dogecoin capitalist Keith Johnson filed a class-action lawsuit against Elon Musk and his corporations, Tesla and Spacex, weekday in a tribunal in Manhattan, Bloomberg rumored.

The cause states:

Defendants Elon Musk, Spacex, and Tesla Inc.  are engaged during a crypto scheme (aka Ponzi scheme) by means of dogecoin cryptocurrency.

The complainant argued that the DPGE is “simply a fraud whereby ‘greater fools’ are deceived into shopping for the coin at a better value.”

According to the court document, Johnson is associate degree yank subject World Health Organization aforesaid he was “defrauded out of cash by defendants’ dogecoin crypto scheme.” He claimed that Musk, Tesla, associate degreed Spacex represent an illegitimate felony enterprise to inflate dogecoin’s value.

The grievance describes:

Defendants incorrectly and misleadingly claim that dogecoin is a legitimate investment when it has no value at all.

“Since suspecting Musk and his firms Spacex and Tesla Inc. began getting, developing, promoting, supporting, and in operation dogecoin in 2019, [the] complainant and also the category have lost just about $86 billion during this crypto scheme,” the court document details.

Johnson is seeking to represent a category of crypto investors who have lost cash mercantilism in dogecoin since April 2019.

He is requesting $86 billion in damages and triple damages of $172 billion. Additionally, he’s seeking associate degree order to obstruct Musk, Spacex, and Tesla from promoting dogecoin, and declaring that judge mercantilism constitutes gambling beneath U.S. and big apple law.

The Tesla CEO has been promoting dogecoin on Twitter. He affirmed that the acculturation cryptocurrency has potential as a currency, occupying it as the people’s crypto.

In May, he affirmed that Spacex can shortly settle for DOGE for merchandise and Starlink subscriptions might follow. Tesla already accepts the acculturation coin for a few merchandise. Musk has additionally mentioned permitting payments in dogecoin for a few Twitter services if he becomes the owner of the social media platform.

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