Billionaire Elon Musk has at all times been very vocal about his assist for meme coin Dogecoin, and his frequent postings concerning the cryptocurrency had despatched it flying excessive within the first half of 2021. Nevertheless, the hype across the cryptocurrency quickly died down, taking the worth down with it. As anticipated, some traders have been caught of their free will and misplaced cash within the course of.
Considered one of these traders, recognized as Keith Johnson, who had suffered losses from the decline in DOGE’s value, had determined to take the combat to the “Dogefather.” Johnson had filed an enormous $258 billion lawsuit in opposition to Elon Musk, accusing the billionaire of selling a pyramid scheme. Now, the lawsuit has expanded as extra plaintiffs have determined to hitch in.
Lawsuit Sees Extra Help
In line with a brand new amended criticism that was filed in a Manhattan federal court docket on Tuesday, the $258 billion lawsuit in opposition to Elon Musk now has extra plaintiffs. There have been a complete of seven new plaintiffs named within the lawsuit, together with six new defendants.
The criticism highlighted that the billionaire was being accused of truly operating a pyramid scheme that supported Dogecoin, resulting in losses for traders. The plaintiffs alleged that Elon Musk and the six different defendants which have been named have been in a position to make billions of {dollars} from Elon Musk positing concerning the cryptocurrency. It additionally accused Musk of selling Dogecoin although he knew that the digital asset had no intrinsic worth.
DOGE falls to $0.06 | Supply: DOGEUSD on TradingView.com
The unique lawsuit, which was filed in June, has named Musk’s different firms, together with SpaceX, Tesla, and Boring, within the lawsuit, in addition to the Dogecoin Basis. Johnson had said within the unique lawsuit that he needed the billionaire to cease selling the meme coin along with the $258 billion in damages.
Musk Nonetheless Helps Dogecoin
Elon Musk has not eased up in his assist of Dogecoin regardless of the huge lawsuit being introduced in opposition to him. Actually, a few month after the lawsuit was filed, the billionaire had publicly said that he would proceed to assist the cryptocurrency.
Musk’s assist for the meme coin additionally shines by way of in the truth that each himself and his automotive firm Tesla proceed to carry the cryptocurrency. After Tesla had offered 75% of its Bitcoin holdings, Musk had assured the neighborhood that the corporate would proceed to carry its Dogecoin place.
There was no response from Musk, Tesla, SpaceX, Boring, or the Dogecoin Basis regarding the lawsuit.
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