- Investors have claimed that Tesla and Twitter CEO Elon Musk ran a pyramid scheme to boost the price of the popular Dogecoin cryptocurrency, and are suing Musk for $258 billion in damages.
- The Independent reports that Elon Musk, the CEO of SpaceX, Tesla, and Twitter, is being sued for $258 billion for racketeering.
- According to the lawsuit, Musk purposefully artificially inflated the price of the cryptocurrency Dogecoin. The cryptocurrency’s coin price has increased this week after Musk changed the Twitter “bird” logo on the platform’s homepage to the Dogecoin mascot.
- The plaintiffs in the lawsuit allege that Musk raised the price of Dogecoin by “more than 36,000% over two years and then let it crash” by using his social media accounts and an appearance on Saturday Night Live.
Trending
Elon Faces $258 Billion Lawsuit Over Alleged ‘Dogecoin’ Currency Manipulation
Elon is facing a pretty big payout!
Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. (Photo by Frederic J. BROWN / AFP) (Photo credit should read FREDERIC J. BROWN/AFP via Getty Images)
