More and more people are suing Elon Musk over Dogecoin

Tesla CEO and billionaire Elon Musk has always been very clear about his support for the Dogecoin meme coin. DOGE had seen its frequent posts about the cryptocurrency skyrocket in the first half of 2021. However, the hype surrounding the cryptocurrency soon died down – and the price went down. As expected, many investors lost money in the process.

Keith Johnson is one of those investors. He suffered losses as a result of the drop in the price of DOGE and decided to take the fight to the “DoGFather”. Johnson had filed a $258 billion lawsuit against Elon Musk. In it he accuses the billionaire of promoting a Ponzi scheme. Now the lawsuit has expanded: New plaintiffs have decided to join it.

Dogecoin lawsuit gets massive support

The $258 billion lawsuit against Elon Musk now has more plaintiffs, according to a new amended lawsuit filed Tuesday in Manhattan federal court. A total of seven new plaintiffs and six new defendants were named.

The lawsuit accuses the billionaire of operating a Ponzi scheme that backed Dogecoin and resulted in losses for investors. The plaintiffs allege that Elon Musk and the other six defendants were able to make billions of dollars from Musk’s cryptocurrency statements. They also charge the native South Africa to promote Dogecoin. And that despite knowing that the digital asset has no “intrinsic value”.

The original lawsuit, filed in June, also names Musk’s other companies — including SpaceX, Tesla, and Boring, as well as the Dogecoin Foundation. Johnson said in the original lawsuit that he wanted the billionaire to stop mining the meme coin as well as the $258 billion in damages.

Musk continues to support Dogecoin

Elon Musk has not given up his support for Dogecoin despite the massive lawsuit brought against him. In fact, about a month after the lawsuit was filed, the billionaire had publicly stated that he would continue to support the cryptocurrency.

Musk’s support for the meme base is also reflected in the fact that he and his car company, Tesla, continue to own the cryptocurrency. After Tesla sold 75% of its Bitcoin holdings, Musk reassured the public that the company would continue to hold its Dogecoin position.

So far, Musk, Tesla, SpaceX, Boring, or the Dogecoin Foundation have not responded to the lawsuit.

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