Tech

Elon Musk sued for $258bn over claims he ran a pyramid scheme to promote Dogecoin

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Posted: 17/06/22 - 11:42
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Elon Musk is being sued for $258bn (£209bn) over accusations he ran a pyramid scheme to promote a cryptocurrency called Dogecoin.

The digital asset was launched as a joke in 2013 and was designed to mock Bitcoin.

But the cryptocurrency - also known as DOGE - hit the headlines after surging dramatically last year.

In a little over four months, Dogecoin rallied from $0.004 to $0.73 - a gain of more than 18,000%.

Musk regularly tweeted about DOGE during this period, and on the day the coin began to fall, he described it as a "hustle" on the US comedy show Saturday Night Live.

A complaint filed in a New York court adds: "Musk used his pedestal as the world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement."

The plaintiff wants to represent those who have lost money through Dogecoin since 2019.

I Call Bull: Expect this to go precisely nowhere as Musk has been talking up loads of crypto for years as well as any company that he *ahem* might be buying

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4 Comments
12 days
2 upvotes
With his money this won't get out of the starting gate
15 days
3 upvotes
Easy bull for sure, its gets a headline but i cant see any claim against Musk being successful tbh.
15 days
3 upvotes
Hilarious. I guy invested money off the back of a promotion and wants to blame someone for his own poor investment choice. I wonder did he do any research whatsoever into Doge and the utilities it offered?

And I wonder on the flip side, would he have given Musk some of his own profits if he had made large sums himself?
15 days
2 upvotes
This will either be buried under so much paperwork it will ruin the guy bringing this to court or have an off hte record settlement to make it go away!