According to a recent report from Reuters, the massive Dogecoin lawsuit filed against Tesla CEO Elon Musk has escalated further.
Dogecoin lawsuit targeting Elon Musk expands!
New defendants have been added to the enormous litigation. Among them is Musk’s Boring Company. There are also several recent defendants besides the Dogecoin Foundation, the nonprofit behind the meme cryptocurrency.
As we reported on cryptokoin.com, Dogecoin investor Keith Johnson claimed that Elon Musk’s most popular meme coin is running a pyramid scheme by promoting it. Based on this, Johnson filed a $258 billion class action complaint against Elon Musk. The DOGE investor also included the names of Tesla and SpaceX in the first version of his lawsuit.
The plaintiffs accuse Elon Musk of promoting Dogecoin as a ‘legitimate investment’ in order to artificially inflate its price on his social media profile. Plaintiffs allege that the defendants managed to make billions by promoting Dogecoin. Besides seeking compensation, Johnson wants to prevent Musk and his businesses from promoting meme crypto in the future.
Tesla CEO has not given up on Dogecoin
Popular meme coin Dogecoin had a mind-blowing rally in the first half of 2021. The amazing success of the meme coin was mainly fueled by the frequent tweets of Tesla CEO Elon Musk. Dogecoin’s headline-grabbing rally exploded after the famous billionaire appeared on ‘Saturday Night Live’. The lawsuit claims that the famous Bitcoin parody derives its value from marketing alone.
Meanwhile, Elon Musk remains an avid supporter of Dogecoin despite the massive price drop. Shortly after the $258 billion lawsuit was filed in June, Musk shared that he was buying more DOGE.
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