Dogecoin investor sues Elon Musk, Tesla and SpaceX for $258 billion – Vidak For Congress

The crypto sell-off of the past few weeks has wiped out hundreds of billions of dollars in paper gains, leaving many crypto millionaires looking for something else to hold onto.

A class action lawsuit was filed in federal court in Manhattan on Thursday by a US Dogecoin investor accusing Elon Musk, Tesla and SpaceX of operating an illegal extortion firm to drive the cryptocurrency’s price up. Musk has frequently mentioned the famous dog-themed cryptocurrency on his Twitter account, with the price of the token often rising.

The plaintiff in this lawsuit appears to be using those tweets and Musk’s own references to himself as the “Dogefather” as evidence that Musk has controlled the cryptocurrency and is liable for damages among investors who have lost money because the cryptocurrency has fallen from its high point. from nearly $0.74 to just over $0.05 in recent days.

The complaint is calling for triple $86 billion in damages, the amount the plaintiff claims has been lost by Dogecoin investors since Musk first started tweeting about it.

“Defendants falsely and deceptively allege that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff, Keith Johnson, noted in the complaint. “Since Defendant Musk and his companies SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme.”

We have reached out to Elon Musk for comment.

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