According to a Dogecoin investor, Musk and his companies intentionally inflated the price of the popular cryptocurrency Dogecoin, resulting in significant losses when the meme coin fell 93 percent of its value after rising to an all-time high in the first half of 2021.
Crypto investors all across the world are still reeling from the devastating drop in value of their digital assets over the last six months. While many investors silently accept that these dangerous and speculative investments have resulted in huge losses for the time being, an unhappy cryptocurrency investor from the United States is making news with a newly filed lawsuit.
Elon Musk is accused of deliberately pushing the cryptocurrency Dogecoin as a real investment despite the fact that the joke coin allegedly has no true value. The lawsuit also names Musk's two firms, Tesla and SpaceX, as participants in this "illegal racketeering enterprise." Fans of the Texas-based manufacturer Tesla, for example, may use the Dogecoin cryptocurrency to acquire the unusual Cyberwhistle and other goods items.
As a result, the plaintiff, Keith Johnson, is suing in federal court in the New York borough of Manhattan for damages totalling $258 billion. In principle, this enormous sum may be granted not just to him, but also to all impacted Dogecoin investors who he intends to represent in this class action case. Johnson further requests that Elon Musk and his previously stated enterprises Tesla and SpaceX refrain from advertising and supporting Dogecoin in the future. It remains to be seen whether Elon Musk's audacious crypto lawsuit will prevail. Even the world's richest man, with a current net worth of US$214 billion, would be unable to pay such damages out of his own pocket.