(CTN News) – Elon Musk responded to the $258 billion lawsuits filed against him for allegedly operating a cryptocurrency pyramid scheme in his latest statement. Musk wrote on Twitter that he will continue to support Dogecoin – the cryptocurrency that was launched in 2013 based on a meme and has become the Tesla CEO’s favorite digital asset. Dogecoin investor Keith Johnson filed a lawsuit against Musk in the Manhattan federal court this week alleging Musk was running a ‘pyramid scheme’.
Musk, according to the plaintiff, manipulated the price of Dogecoin for “profit, exposure, and amusement”.
As well as Elon Musk, the complainant is seeking $86 billion in damages from Tesla and SpaceX. The price of Dogecoin has plummeted since last May, so he wants it tripled. However, the world’s richest man reiterates that he will continue to support Dogecoin. Musk replied to a tweet saying “keep buying it then”. Coindesk reports that Dogecoin’s current price is $0.056657, after seeing a 7.8% hike (subject to change) in the last 24 hours.
Complainant demands ban on endorsement by Musk
Elon Musk recently announced that Tesla and SpaceX would accept Dogecoin payments for merchandise. Musk and his companies were therefore banned from endorsing Dogecoin, and the complainant demanded Dogecoin trading be declared “gambling” under federal and state laws.
Since the end of 2020, Musk has supported Dogecoin. In February 2021, Musk tweeted, “I will literally pay an actual dollar to people who void their Dogecoin accounts.” Later, Musk tweeted, “Doge will live forever.” Musk’s tweets prompted the US Securities Exchange Commission to launch an investigation into him. A Dogecoin payment for a vehicle has also been accepted by him once.
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