American sues Elon Musk for “influencing” the price of Dogecoin (DOGE)

A billionaire influence on the price of cryptocurrencies?

Definitely, billionaire Elon Musk is still talking about him – the latter currently is sued by investor Dogecoin (DOGE) asking for nearly $ 258 billion in damages. Additionally, the action would extend to its two companies, Tesla and SpaceX.

In fact, a plaintiff named Keith Johnson filed an appeal in the federal court in Manhattan. The latter accuses Elon Musk of having entered place a pyramid scheme to support the price of this cryptocurrency.

In other words, criticizes the billionaire for praising merits of Dogecoin and to have led to ” pump and drain on its course. In his appeal, the plaintiff argues:

“Defenders knew from 2019 that Dogecoin was worthless and yet they promoted it to profit from its trade. Elon Musk used his influence as the richest man in the world to manage and manipulate the Dogecoin pyramid scheme for profit, visibility and enjoyment. “

Johnson’s attorney has yet to respond on the subject of the complaint and its content. What is certain is that the actor is getting closer $ 86 billion in damages.

This sum would represent what investors have lost, having invested in Dogecoin, since Elon Musk started tweeting about it. In this sense, the complaint states:

“Dogecoin’s downfall began around the time Elon Musk appeared on NBC’s Saturday Night Live and, playing a fictional financial expert on the parody show Weekend Update, called Dogecoin a scam. “

In his approach, Keith Johnson would ask for a tripling of this remunerationor $ 258 billion.

Finally, in addition to compensation, the plaintiff also requests an order banning Elon Musk and his companies from promoting Dogecoin.

👉 Read – What is Dogecoin (DOGE) and how to buy it?

An active cryptocurrency billionaire

Elon Musk remains active on social networks in the field of cryptocurrenciesin particular on Bitcoin (BTC) and Dogecoin.

Some of his tweets also caused significant increases in their prices, but also drops, when he made sensational statements about Bitcoin.

Sure, it was impact also on Dogecoin.

It is true that some skeptics had become tired of the billionaire’s influence on the price of cryptocurrencies. This also worried the cryptocurrency community.

Additionally, in July 2021, Elon Musk responded to his allegations of ” pump and drain “. He has declared:

Okay, sometimes I do the pump, but not landfill. I don’t really believe in the idea of ​​raising the price and then selling.

These arguments appear fragile and do not really convince the community.

Whatever, the case is to be watchedand there is no doubt that she will react on social networks in the hours and days to come.

👉 To discover – Elon Musk: responds to pump & dump allegations and talks about the future of Bitcoin in Tesla

Sources: Bloomberg media and Reuters media
Case: Johnson v. Musk et al, United States District Court, New York Southern District, No. 22-05037

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About the author: Antonio Bassotto

It was in 2017 that I discovered cryptocurrencies and blockchain technology. Furthermore, I would like to share with you the news of this sector, which is in full swing, so that you can always be updated on the latest news.
All articles by Anthony Bassetto.

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