Elon Musk is accused of using his status as the world’s richest person to run and manipulate the DOGECOIN PYRAMID SCHEME for profit.
Elon Musk: Is Elon Musk, the billionaire who often supports the cryptocurrency Dogecoin, now badly stuck? Now these questions have started to arise. In fact, a Dogecoin investor has sued Musk for $258 billion on Thursday. According to a Reuters report, the investor has accused the Tesla CEO of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in Federal Court in Manhattan, Keith Johnson accused Musk of using Tesla Inc and space tourism company SpaceX to drive up the price of Dogecoin. Musk is the CEO of both Tesla and SpaceX.
Did Elon Musk Manipulate Behind The Scenes?
The complainant said that Musk had known since 2019 that Dogecoin had no value, yet promoted Dogecoin to take advantage of trading. He said that Musk used his status as the world’s richest person to run and manipulate the Dogecoin Pyramid Scheme for profit purposes.
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The complainant has also included comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrencies in his lawsuit. Lawyers for Tesla, SpaceX and Musk could not get any comment on the matter.
John, who filed the case against Musk, said that because of Elon Musk’s promotion of virtual currency, a large number of investors had invested in cryptocurrencies and later their money was lost. According to him, investors have lost billions of dollars. Johnson estimates a loss of $86 billion based on the decline in Dogecoin’s market value after May 2021.
Demand to Stop the Promotion of Dogecoin
He also called for Elon Musk and his companies to stop promoting Dogecoin. Along with this, there is a demand to declare trading in this cryptocurrency as gambling. Tesla said in February 2021 that it had invested $1.5 billion in bitcoin.