HomeNEWSSeven investors join lawsuit against Elon Musk over Dogecoin • ENTER.CO

Seven investors join lawsuit against Elon Musk over Dogecoin • ENTER.CO

In addition to the trial that Elon Musk faces for the failed purchase of Twitter, the tycoon must also overcome a class action lawsuit. This legal action goes against him and his most iconic companies for an alleged case of organized crime related to the Dogecoin cryptocurrency.

It was learned that seven new investors joined this lawsuit, and at the same time six new defendants were added. The case touches on companies owned by Elon Musk as iconic as Tesla, Space X, Boring and others. They are accused of intentionally increasing the price of Dogecoin by more than 36,000% for two years and then allowing it to crash.

The amount of the lawsuit amounts to 258,000 million dollars. The indictment itself focuses on the defendants benefiting from tens of billions of dollars at the expense of Dogecoin investors. This because they knew that the value of that cryptocurrency was inflated and only depended on marketing.

Despite the lawsuit, the companies Tesla, SpaceX and Boring did not respond to a request for comment on this lawsuit that was filed in June. When a federal court in Manhattan when plaintiff Keith Johnson accused Musk of racketeering for promoting Dogecoin.

After learning of this lawsuit, Elon Musk used his official profile on the social network Twitter to confirm that “I will continue to support Dogecoin.” Later in an interview he said that “people who work in the factory at SpaceX or Tesla” asked him for that support, the complaint says. Part of the new defendants in this case are the Dogecoin Foundation. Which is defined as a non-profit organization that provides governance and support for Dogecoin.

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