Elon Musk's $258 billion Dogecoin racketeering lawsuit scales up adding new plaintiffs
Dogecoin/ Elon Musk
The $258 billion racketeering lawsuit accusing Elon Musk of creating a pyramid scheme to fund the cryptocurrency Dogecoin has expanded, adding seven new investment plaintiffs and six new defendants including his tunnel construction enterprise Boring Co.
According to an additional complaint filed on Tuesday night in Manhattan federal court, Musk, his electric vehicle firm Tesla Inc, his space tourism company SpaceX, Boring and others purposefully built up the price of Dogecoin by more than 36,000% over two years and then allowed it drop.
Despite knowing all along that the currency had no intrinsic value and that its value "depended solely on marketing," the defendants "profited tens of billions of dollars" as a result at the expense of other Dogecoin investors, the complaint claimed.
Requests for comment on Wednesday were not immediately answered by Tesla, SpaceX, or Boring. In 2020, Tesla closed its media relations division.
In June, the initial lawsuit was submitted.
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The richest man in the world, Elon Musk, said in an interview that he would "keep supporting Dogecoin" and that "people that work around the factory at SpaceX or Tesla" had asked him for that support shortly after that, according to the amended complaint.
The Dogecoin Foundation, which describes itself as a nonprofit organisation that oversees and supports Dogecoin, is one of the additional new defendants. It could not be reached right away for comment.
The anticipated $258 billion in damages is treble the market value decline of Dogecoin since May 2021.
(with inputs from agencies)