Elon Musk’s $258 Billion Dogecoin Lawsuit Grows as New Defendants, DOGE Investors Join

The $258 cardinal suit filed against Elon Musk, Tesla, and Spacex implicit their dogecoin promotion has expanded with caller defendants and DOGE investors added. The plaintiffs allege that the meme cryptocurrency dogecoin is simply a Ponzi scheme, emphasizing that Musk and his companies “falsely and deceptively assertion that dogecoin is simply a morganatic concern erstwhile it has nary worth astatine all.”

New Defendants and Plaintiffs Added to Lawsuit Against Elon Musk Over Dogecoin

An amended ailment to the $258 cardinal lawsuit against Elon Musk, Tesla, and Spacex was filed Tuesday successful Manhattan national court.

Seven caller capitalist plaintiffs and six caller defendants, including Musk’s passageway operation concern The Boring Company and Dogecoin Foundation, were added to the lawsuit.

Musk, Tesla, Spacex, The Boring Company, and different defendants person been accused of intentionally driving up the terms of the dogecoin (DOGE) much than 36,000% implicit 2 years earlier the meme cryptocurrency crashed.

The ailment alleged that the defendants “profited tens of billions of dollars” astatine different dogecoin investors’ expense, claiming that they knew each on that the meme crypto lacked intrinsic worth and that its worth “depended solely connected marketing.”

The suit was originally filed successful June, alleging that Musk and his companies “are engaged successful a crypto pyramid strategy (aka Ponzi scheme) by mode of dogecoin cryptocurrency.” The plaintiffs claimed that the “Defendants falsely and deceptively assertion that dogecoin is simply a morganatic concern erstwhile it has nary worth astatine all.”

Following the quality of the archetypal lawsuit, Musk confirmed that helium volition keep buying and supporting dogecoin. The Tesla CEO, who has been called the Dogefather by supporters of the meme cryptocurrency, has been promoting dogecoin connected Twitter. He said the meme crypto has potential arsenic a currency, calling it the people’s crypto.

In May, Musk said Spacex volition soon accept DOGE for merchandise and Starlink subscriptions could follow. Tesla already accepts the meme coin for immoderate merchandise. The Boring Company started accepting DOGE arsenic outgo for rides connected its Las Vegas transit strategy Loop successful July.

After Tesla sold 75% of its bitcoin holdings successful July, Musk confirmed that his electrical car institution has not sold immoderate of its dogecoin, noting that the BTC merchantability was owed to concerns astir the wide liquidity for the company, fixed Covid shutdowns successful China.

What bash you deliberation astir this dogecoin suit against Elon Musk and his companies? Let america cognize successful the comments conception below.