Elon Musk could lose a big chunk of his fortune in a $258bn (£206bn) racketeering lawsuit – as angry crypto investors are accusing him of manipulating the virtual currency dogecoin
Elon Musk could face a $258billion racketeering lawsuit as angry crypto investors are accusing him of ‘manipulating’ the price of the cryptocurrency Dogecoin.
Lawyers for the SpaceX and Twitter CEO have asked US judges to throw out a court case which accuses Musk of deliberately driving up the price of Dogecoin by 36,000% over two years and then allowing it to crash.
The court filing alleges Musk ‘used his pedestal as World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme’.
However, Musk’s lawyers have called the legal case a ‘fanciful work of fiction’ about Musk’s ‘innocuous and often silly tweets’ about the Dogecoin cryptocurrency.
According to Reuters, investors are accusing Musk of intentionally driving up the price of Dogecoin to generate billions in profit by publicly supporting the cryptocurrency on Twitter and Saturday Night Live.
Musk’s lawyers said: “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.
“This court should put a stop to plaintiff’s fantasy and dismiss the complaint.”
Source: https://www.dailystar.co.uk/tech/news/elon-musk-could-lose-fortune-29628461