The $258 billion lawsuit against Elon Musk for allegedly manipulating the price of the cryptocurrency Dogecoin is expanding. According to court documents, seven other investors have joined the process. In addition, six new suspects were added.
The plaintiffs accuse Musk of setting up a pyramid scheme with his electric car company Tesla, the space company SpaceX and the tunnel builder Boring Co. They would have pushed up the price of the cyber currency and then crashed it.
Course crashed after Musk said he was “dizzy”.
“The accused have known since 2019 that Dogecoin has no value, but still promoted Dogecoin to profit from its trading.” In early May 2022, Dogecoin crashed after Tesla CEO Musk denounced the currency in a skit on the comedy show called “Saturday Night Live” a hoax (“A Bustle”).
Neither Tesla, SpaceX nor Boring were initially available for comment. Musk had made several positive comments on Twitter about Dogecoin and propelled the internet currency, which started as a parody of Bitcoin, to massive price increases.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
