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Musk: Elon Musk filed a $ 258 billion lawsuit over support for Dogecoin

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New York, June 16, 2022-Investors in Dogecoin, originally created as a joke, have increased or decreased in value as they were advertised by Elon Musk, against billionaires and their companies Tesla and SpaceX on Thursday. Filed a $ 258 billion lawsuit.

Keith Johnson, who says he lost money after investing in Dogecoin, described himself as a “scammed American citizen” by what he called the “Dogecoin Cryptographic Pyramid Scheme.”

He is seeking his motion to be classified as a class action proceeding on behalf of those who have suffered losses by investing in Dogecoin since 2019, filed in a court in New York.

Johnson estimates that investors have lost about $ 86 billion since Musk began promoting cryptocurrencies. He wants Mask to reimburse this amount to investors, and also doubles the damages, or $ 172 billion.

The creator of Dogecoin, founded in 2013, states that it was intended as an ironic reaction to two major Internet phenomena: cryptocurrencies such as Bitcoin and Shiba Inu meme images.

The price of Dogecoin was trading at only a fraction of a cent for most of its existence.

However, its value jumped in early 2021 and rose to $ 0.73 in May of that year. This was after a humorous message from Mask in the enthusiastic purchases surrounding the GameStop story.

But on Thursday, it was worth less than 6 cents.

Johnson said he believes Musk has increased “the price, market capitalization and trading volume of Dogecoin” through his promotion.

He included a tweet from Mask, the world’s wealthiest man with over 98 million followers on Twitter. This includes SpaceX’s promise to “put literal Dogecoin in the literal moon.”

Johnson nominated Mask’s Tesla electric car maker in a lawsuit to accept Dogecoin as payment for certain derivatives. SpaceX was also included because it named one of the satellites after Dogecoin.

Johnson likened Dogecoin to a rat lecture because cryptocurrencies have no intrinsic value and are not products. Moreover, it is not backed by tangible assets and the number of “coins” is unlimited.

Proceedings by investors who feel fooled by crypto promises are on the rise in the United States.

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2/ https://economictimes.indiatimes.com/markets/cryptocurrency/elon-musk-sued-for-258-bn-over-dogecoin-support/articleshow/92268640.cms

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