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Elon Musk sued hundreds of billions of dollars. It’s about the “Dogecoin pyramid”

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Keith Johnson has filed a lawsuit in federal court in Manhattan, in which he accused Elon Musk and his two companies – and SpaceX.

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“The defendants were aware since 2019 that Dogecoin had no value, but promoted Dogecoin to profit from trading,” the lawsuit explained. Keith Johnson claims he used his position as the richest man in the world to “manipulate the Dogecoin Pyramid”. He accused the billionaire of doing it “for profit and entertainment.”

Cryptocurrencies. The investor wants a ban on Dogecoin. Elon Musk will pay the compensation?

Johnson posted comments in the lawsuit, among others famous billionaires and investors: Warren Buffett and Bill Gates, who question value. The plaintiff demands that Elon Musk and his company be blocked from promoting Dogecoin. It expects a court to declare the Dogecoin trade as gambling under New York federal and state law.

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You can read more about cryptocurrencies on the main page

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Keith Johnson stressed that he lost USD 86 billion as a result of investing in the cryptocurrency promoted by Elon Musk. The plaintiff is demanding compensation of $ 258 billion, reports the Reuters Agency.

Elon Musk influenced cryptocurrencies. He promoted Dogecoin on Twitter

Dogecoin is one of many cryptocurrencies, but this one was created in 2013 on the basis of a meme with the famous yellow “dog”. In its peak form, in May 2021, one Dogecoin cost around 74 cents. At that time, Elon Musk announced that his company SpaceX in 2022 would launch the Doge-1 satellite to the Moon, and the mission would be financed in the Dogecoin cryptocurrency.

Digital money has gained value many times due to positive comments from Musk. The billionaire in early 2021 posted several tweets explicitly promoting Dogecoin, and the value of this virtual coin was clearly growing. Another time, one Musk entry was enough for Bitcoin to depreciate significantly.

The situation began to change in the second half of 2021. The value of Dogecoin began to systematically decline. On Friday 17 June, the Dogecoin cryptocurrency is valued at just 5.8 cents.

Dogecoin rate Source: Stooq.pl

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