Why is Elon Musk the subject of a $258 billion fraud complaint?

The boss of Tesla is the subject of a new complaint, this time for having influenced the price of cryptocurrency.

Targeted by several cases, in particular for sexual assault and attempted stock market manipulation before his takeover of Twitter, Elon Musk still has problems with the law. This time, it is an American citizen, Keith Johnson, who accuses the richest man in the world of having used his notoriety to influence the price of dogecoin.

In his complaint, Keith Johnson introduces himself as “an American citizen who was defrauded by a pyramid fraud set up by the defendants around dogecoin“. Concretely, the latter accuses Elon Musk of having regularly praised the advantages of dogecoin, to the point of making it, for a time, a valid means of payment at Tesla. By using his influence to push Internet users to invest in this cryptocurrency, the businessman would have gradually created a pyramid schemein which he was the only real master on board.

Yes, but here it is: the price of cryptocurrencies has been collapsing for a few weeks. Bitcoin has just passed below the symbolic cap of $20,000, and dogecoin fell to less than €0.060 per share. A tumble that puts many investors in the embarrassment. It is in this context that Keith Johnson’s complaint claims from Elon Musk, but also from his companies SpaceX and Tesla the tidy sum of $258 billion.

The “people’s cryptocurrency” mainly benefits Elon

From 52 cents in May 2021, to just 5 cents at the writing of this article, the fall of dogecoin now seems to have been recorded. A situation that does not pass for the complainant, who goes so far as to describe non-fiat currency as a scam: “Musk used his status as the richest man in the world to exploit and manipulate the dogecoin pyramid scheme for profit, exposure and entertainment.”

Nothing promises, however, that Elon Musk is really worried about this story. The one who is about to become the first billionaire in history is currently mired in a legal imbroglio following his announcement of takeover of Twitter. An acquisition that may never materialize.

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