Blockchain & Exchange

Elon Musk Maintains Dogecoin Support Despite US$258-B Lawsuit

Elon Musk Maintains Dogecoin Support Despite US$258-B Lawsuit

Elon Musk expressed his unwavering backing for Dogecoin despite the development that he is being sued for racketeering involving the crypto-asset.

The billionaire and world’s richest man, whose real-time net worth at the time of writing this news is US$213.9 billion, per Forbes, took to his official Twitter page to state his position.

We are eager to learn about Mr. Elon Musk’s viewpoint regarding the latest case in which he is involved. We think our followers will comprehend this development involving Tesla’s head by reading this update.

Musk told his more than 98.8 million social media followers via Twitter yesterday, Sunday, June 19, 2022, that he would carry on supporting Dogecoin.

The space tourism company SpaceX entrepreneur is involved in a class-action lawsuit plaintiff Keith Johnson filed in a federal court in Manhattan, New York City, last Thursday, June 16.

According to the cryptocurrency report posted online by international news source Reuters, the case is “Johnson v. Musk et al., U.S. District Court, Southern District of New York, No. 22-05037.”

Johnson is a Dogecoin investor who sued Musk for US$258 billion over a reported Dogecoin pyramid scheme.

This complainant accused the billionaire businessman of racketeering, running a pyramid scheme to support the cryptocurrency. Johnson alleged that Musk touted Dogecoin and drove up its trading price, only to permit the virtual asset’s value to tumble.

Johnson accused the Tesla and SpaceX CEO and the other defendants of being aware since 2019 that the controversial cryptocurrency did not have a trading value.

However, Musk allegedly promoted Dogecoin, which trades at exactly US$0.0617 at the time of writing this news, per Coinmarketcap, to profit from its trading.

Johnson said the Tesla CEO utilized his pedestal as the world’s richest man to manipulate and operate what he called the Dogecoin Pyramid Scheme for amusement, profit, and exposure.

His complaint also aggregates perspectives from other billionaires like Bill Gates and Warren Buffett, questioning the virtual currency’s value.

The plaintiff remarked Dogecoin’s selloff commenced around the time Musk hosted the NBC show “Saturday Night Live,” where he referred to Dogecoin as “a hustle.”

The billionaire Bitcoin investor portrayed a fictitious financial expert on a “Weekend Update” segment of the show at that time.

Johnson is seeking US$86 billion in damages, representing the drop in Dogecoin’s market value since May 2021 and wants it tripled.

Moreover, this complainant demands blocking Musk and his firms from promoting Dogecoin and a judge declaring Dogecoin trading as gambling under federal and New York law.

Johnson’s lawyer did not immediately reply to comment requests on what particular proof his client has or expects to possess, proving Dogecoin is worthless and Musk and his co-accused ran a pyramid scheme.

Musk’s lawyer, SpaceX, and Tesla also did not immediately respond to comment requests. We support Mr. Musk’s fervent backing for Dogecoin.

We think what he is undergoing right now is a dilemma he shares with billionaires and other superrich people.

They are prone to robbery, lawsuits, and scams, with financial criminals desiring to outrightly bilk and fleece their billionaire victims and put the latter’s money in their pockets. We support Mr. Musk and believe he will get through this latest problem.

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