Dogecoin was created in 2013 by Billy Markus and Jackson Palmer as a joke coin, acting as a parody of Bitcoin.
In recent times, Elon Musk has favoured Dogecoin, speaking about the memecoin on his Twitter page and drumming up support for it. This prompted an attorney at Evan Spencer Law to file a class-action lawsuit against Musk for his role in Dogecoin. Elon Musk is being sued for $258 billion in damages for promoting Dogecoin and participating in a “crypto pyramid scam.”
The class-action suit claims that the CEO of Tesla Inc. “used his pedestal as the world’s richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”
The plaintiff, Keith Johnson, is a resident of the United States, and he argues that Elon Musk leveraged his popularity to enrich himself and his corporations by manipulating the general public into becoming involved with the memecoin.
Johnson claims Musk earned $86 billion from false advertising, gambling, wire fraud, and other illegal activities.
Johnson further stated that as a result of Musk’s actions, those involved in the class action lost billions of dollars. To this end, he is seeking an additional $172 billion in damages and expenses.
Elon Musk is obviously interested in Dogecoin, promoting it, and interacting with its developers. The CEO of Tesla Inc. announced in January that Tesla was now accepting Dogecoin as payment. SpaceX also made a similar announcement.
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