The tech mogul-less billionaire set the record straight in his latest statement, responding to a $258 billion lawsuit filed against Elon Musk for his alleged cryptocurrency pyramid scheme. Musk wrote on Twitter that he would continue to support Dogecoin – the cryptocurrency that was launched in 2013 based on a meme and became the favorite digital asset of the Tesla CEO. Earlier this week, a report emerged stating that a Dogecoin investor named Keith Johnson had filed a complaint in federal court in Manhattan accusing Musk of running a ‘pyramid scheme’ for Dogecoin.
According to the plaintiffs, Musk manipulated the price of Dogecoin, caused it to skyrocket, and then let it tank for “profit, risk and entertainment.”
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Besides Musk, his electric car company Tesla and aerospace firm SpaceX have also been named by the complainant who are seeking $86 billion in damages. He also wants the price to triple given Dogecoin’s falling price since last May. However, the world’s richest man has reiterated his stance and said that he will continue to support Dogecoin. When a user replied to his tweet saying, “Keep buying it then”, Musk wrote, “I am”. According to Coindesk, for the current price of Dogecoin, it is trading at $0.056657 after seeing a 7.8% increase (subject to change) over the past 24 hours.
The complainant sought a ban on support by Moscow
Notably, Musk recently announced that Tesla and SpaceX will accept payment in Dogecoin for the company’s goods. As a result, the complainant appealed for a ban on Musk and his companies from endorsing Dogecoin and demanded that the Dogecoin trade be declared a “gamble” under federal and New York law.
Musk has continued to support Dogecoin since the end of 2020. In early February 2021, he tweeted: “I will literally pay a real dollar to people who cancel their Dogecoin accounts.” Later, the enthusiastic Twitter user posted, “The Doge will live on forever.” Musk’s tweets prompted the US Securities Exchange Commission to launch an investigation into Musk in 2021. He also once admitted that he accepted Dogecoin as payment for vehicles.
