Elon Musk Says He Never Told Anyone to “Invest In Cryptocurrencies” Amid Ongoing $258B Dogecoin Lawsuit Against Him

— Bloomberg Live (@BloombergLive) June 21, 2022

Musk Sued for Promoting Dogecoin

It can be recalled that a U.S.-based man slammed Musk with a $258 billion lawsuit for the role he played in promoting Dogecoin to the public.

On several occasions, the popular tech mogul has thrown his weight behind Dogecoin on Twitter, where he has a huge following of nearly 100 million users.

Musk’s constant support of Dogecoin contributed to the massive growth of the cryptocurrency, which soared as high as $0.73 early last year.

However, the token’s value is currently a shadow of itself, as it has plunged massively by over 90% since it peaked at $0.73.

DOGE is trading around $0.06 at the time of writing this line, data on cryptocurrency aggregator platform Coingecko shows.

The plaintiff, Keith Johnson, noted that Musk was instrumental in promoting Dogecoin to the public, a token that he described in the lawsuit as a “pyramid scheme.”

Johnson said he will be representing global Dogecoin investors who have also suffered significant losses investing in the cryptocurrency.

Meanwhile, Johnson’s description of Dogecoin as a pyramid scheme did not go down well with DOGE’s co-creator Billy Marcus.

In a Twitter thread yesterday, Marcus said if people consider DOGE a pyramid scheme, then the same title should be used to describe all financial instruments, including stocks, commodities, the entire crypto market among others.


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