An American investor is suing Elon Musk and tesla and SpaceX for their links to Dogecoin (DOGE).
According to Bloomberg, Keith Johnson, a U.S. citizen, has filed a lawsuit against Elon Musk and tesla and SpaceX, which he is CEO, on the grounds that he was involved in luring people to invest in dogecoin. This has caused investors heavy losses.
Elon Musk, SpaceX and Tesla are being sued for $258 billion over claims they are part of a racketeering scheme to back the cryptocurrency Dogecoin https://t.co/HgvMaYpV7F
— Bloomberg (@business) June 16, 2022
Representing a collective of investors, Johnson confirmed that it had lost money from investing in DOGE since April 2019. He has asked Elon Musk and the two companies to pay $258 billion in damages. He also wants a federal court in New York to order musk and other stakeholders to stop promoting the DOGE coin, and also make a statement under federal and state law that Dogecoin is considered gambling.
As Johnson wrote in the lawsuit:
"The defendants gave false information about Dogecoin that this was a legitimate investment when it really had no value at all."
Musk, Tesla and SpaceX have not yet issued an official statement on the matter.
Currently, the doge price traded around the $0.057 mark is down 93% from when Elon Mask started advertising for DOGE on U.S. television.
In February 2021, Elon Mask and Tesla officially entered the cryptocurrency sector and invested in Bitcoin. Tesla maintains a steady investment of $1.3 billion in BTC despite no longer being supported by the largest cryptocurrency, as mining operations continue under the Proof-of-work mechanism. Mr. Elon Mask has affirmed about maintaining the BTC investment to prevent inflation.
In January 2022, some of Tesla's collectibles were accepted for payment in DOGE, and in May, Musk announced that SpaceX was about to do the same.
In the past, Musk has been involved in the controversy surrounding buying or not buying Twitter for $ 44 billion. Most recently, the billionaire announced that he would weigh in on buying Twitter because he said that the data from the social network does not reflect the reality of spam accounts and bots.
There are many rumors that after becoming the new boss of Twitter, billionaire Elon Mask will proceed to accept payment of some of the social network's services using DOGE.
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