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Dogecoin enjoyed being promoted by Tesla, SpaceX, and CEO Elon Musk himself, but now this could put them in trouble for doing so.
Earlier you might have only listened to the promotion of Dogecoin whenever it is being called along with Elon Musk and his companies Tesla and SpaceX. Although it has also caught some controversy this but not too much extent. However, this time when you would hear all these names altogether, you would come to know about a lawsuit against Elon Musk and his companies Tesla and SpaceX for the promotion of Dogecoin.
Yes, a Dogecoin investor named Keith Johnson had filed a class-action lawsuit against multi-billionaire and world’s richest person Elon Musk and his companies Tesla and SpaceX. Johnsons sued Tesla, SpaceX, and their CEO Elon Musk for about $258 billion claiming that they had supported Dogecoin (DOGE) which he said is nothing more than a crypto pyramid scheme.
The plaintiff, Keith Johnson in his filed lawsuit said that the Dogecoin (DOGE) is just a fraud and only greater fools buy it after getting befooled and buying the memecoin at a high price. Johnson filed the lawsuit in the United States District Court in the New York southern district. He is asking the court to treat this case as a class-action lawsuit against Elon Musk and his companies while seeking triple the amount, which is $258 billion, in compensation for his claimed loss of $88 billion.
Further, Johnson also argued that Elon Musk and his companies Tesla and SpaceX have indulged in the promotion of Dogecoin (DOGE) unethically, following torturous and criminal conduct. He said that their actions caused many investors to lose billions of dollars after investing in the crypto asset. Johnson also claimed that Musk and his companies had made a profit of about $86 billion after doing false advertising, gambling enterprise, deceptive practices, and other unlawful conduct.
Musk himself is a crypto holder who owns crypto assets including bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Musk has previously said that he supported Dogecoin (DOGE) as he thinks that it is the crypto of people. His companies Tesla and SpaceX have also announced to start accepting payments in Dogecoin for their merchandise, which also resulted in a price surge of the popular meme currency.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
