Ponzi scheme accusation against Elon Musk: CEO of Tesla can be fined 258 billion dollars
Elon Musk, known for his interest in the cryptocurrency Dogecoin, is now facing a new investigation. Musk is accused of manipulating the cryptocurrency world through Dogecoin and is alleged to have committed fraud through a “ponzi scheme.” If the case is approved, Musk could be fined 258 billion dollars.
Is Elon Musk committing fraud through Dogecoin?
SpaceX and Twitter CEO Elon Musk is facing the wrath of cryptocurrency investors. Musk is being sued for allegedly manipulating the price of Dogecoin and causing a collapse with a ponzi scheme. The court filing claims that Musk increased the price of Dogecoin by 36,000% in two years and then caused it to crash.
Elon Musk’s lawyers have refuted these claims. In a statement to the judges, they said that the accusation is nothing more than a fictional story. The lawyers pointed out that there was no other support than tweeting about a legitimate cryptocurrency.
Investors believe Musk supported the cryptocurrency on Twitter and Saturday Night Live. These investors, who claim that he made billions of dollars in profit with this support, believe that the price of Dogecoin was intentionally increased.
If the 258 billion dollar lawsuit is accepted, it could spell big trouble for Musk. The Twitter CEO, who is the second richest person in the world, has a fortune of 193 billion dollars.
Musk recently replaced Twitter’s logo with Dogecoin’s symbol. After this move, which stirred the cryptocurrency world, the price of Dogecoin rose to $0.096.
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