In the $258 billion racketeering lawsuit, Elon Musk is accused of operating a pyramid scheme to promote the cryptocurrency Dogecoin. This lawsuit has grown to include six other defendants, along with his tunnel building firm, The Boring Company, and seven additional investor plaintiffs. The price of Dogecoin was deliberately inflated by Musk, his electric car company Tesla Inc., his space tourism company SpaceX, Boring, and other parties by more than 36,000% over two years, according to an amended complaint filed on Tuesday evening in Manhattan federal court. Then, the price was allowed to crash. The complaint claimed that by doing this, the defendants “profited tens of billions of dollars” at the cost of other Dogecoin investors while knowing that the currency had no inherent value and that its worth depended purely on marketing. On Wednesday, Tesla, SpaceX, and Boring did not immediately respond to requests for comment. The Tesla public relations department closed in 2020. Initial Lawsuit Submitted In June According to the revised lawsuit, shortly after that, Elon Musk tweeted that he would “keep supporting Dogecoin” and claimed in an interview that “people that work near the plant at SpaceX or Tesla” requested his support. The Dogecoin Foundation, a self-described non-profit organization that administers and supports Dogecoin, is among the other new defendants. The company was unreachable for immediate comment. The anticipa...
