An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit Thursday against the billionaire and his companies Tesla and SpaceX.
NEW YORK - An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit on Thursday against the billionaire and his companies Tesla and SpaceX.
He is asking for his motion, filed in a New York court, to be classified as a class action suit on behalf of those who have suffered losses by investing in dogecoin since 2019. Founded in 2013, dogecoin's creators say it was intended as an ironic response to two big internet phenomena: cryptocurrencies such as bitcoin, and a meme image of a Shiba Inu dog.But it saw its value leap at the beginning of 2021, rising to $0.73 in May of that year, amid a buying frenzy that surrounded the GameStop saga and after humorous messages about it from Musk.
Johnson named Musk's Tesla electric carmaker in the suit since it accepts dogecoin as payment for certain derivative products. SpaceX was also included for having named one of its satellites after dogecoin.