'It's simply a fraud': A lawsuit seeking a whopping $258 billion in damages accuses Elon Musk and two of his companies of illegally pumping the price of dogecoin.
A dogecoin investor is suing Elon Musk and two of his companies, Tesla Inc. and SpaceX, for $258 billion, accusing them of operating a “pyramid scheme” to inflate the price of the cryptocurrency.
“Defendants falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all,” the lawsuit says. “Dogecoin is not a currency, stock or security. … It is not based upon or tied to anything of value. … It’s simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price.”
Musk, the world’s richest individual, has tweeted about dogecoin numerous times over the past few years, often sparking a rally in the coin’s price. In April 2021, Musk dubbed himself “The Dogefather” while promoting his upcoming appearance on “Saturday Night Live”; dogecoin tumbled a day after the show aired after it was called “a hustle” in a sketch Musk appeared in.
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