Tesla CEO Elon Musk accused of dogecoin Ponzi scheme in new class-action lawsuit
The complainant alleges Musk’s tweets and public messaging drove a significant price spike in DOGE and encouraged people to invest.Tesla CEO Elon Musk is facing a new class-action suit that alleges his actions involving the meme-themed cryptocurrency Dogecoin constitute a Ponzi scheme.
Johnson claims Musk and his business's activities around Doge defrauded him and other investors in what amounts to a pump and dump scheme. "Every statement and endorsement from Defendants on social media regarding Dogecoin has knowingly caused millions of people to spend billions of dollars buying into the Dogecoin Crypto Pyramid Scheme," said the complaint.Dogecoin and the complaint highlights the greatest hits of Musk's Doge tweets since a satirical article piqued his interest about the meme coin in 2019.
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