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Elon Musk sued for Dogecoin fraud inspite of his bigger Plans for Twitter

Elon Musk Dogecoin Twitter

A $258B class-action lawsuit has been raised by an American citizen Keith Johnson against Elon Musk and his companies Tesla and SpaceX. The class-action lawsuit alleges that Elon Musk engaged himself along with his companies to create a ‘dogecoin crypto pyramid scheme’. It also alleges that his corporation bought Degocoin in 2019 to hype the prices insincerely in the crypto market. Despite all the efforts by Elon to alleviate Twitter towards newer heights, the lawsuit is being condemned by his followers.

According to Johnson, defendant Musk and his corporations promoted, supported, and started operating the Degocoin crypto pyramid scheme. As a result of this operation, Elon Musk unsuspectedly tried to raise the meme-based cryptocurrency value from its utmost holding potential. The complainant has lost around $86 billion due to this crypto pyramid scheme and seeks justice himself. The Musk enterprises created an entrapment for the crypto community and raised the Dogecoin prices artificially in the crypto market.

Further, in January Elon declared that his company Tesla would accept Dogecoin as one of the payment options for merchandise. In may he decided that SpaceX would also accompany Tesla by accepting the Dogecoin payment method.

Source: Twitter

Currently, Keith Johnson intent to have $86 billion for damages and $172 billion for treble damages that many investors faced after trading Dogecoin from 2019 onwards. Moreover, Keith hopes that an order should be raised so that Musk and his associated companies stop promoting the meme-based cryptocurrency. In this way, the prices will not be affected artificially.

Also read: Tesla is considering dogecoin payment for its supercharger stations

The lawsuit filed on Thursday says ‘ Elon and his companies falsely and deceptively claimed that Dogecoin is a legitimate investment when it has no value at all.’ Keith Johnson pointed out numerous tweets by the SpaceX founder endorsing Dogecoin and creating a hyped myth in the market. Whereas, the crypto token holds no value in reality.

Elon Musk’s new plans for Twitter

On Thursday morning, Elon Musk held his first full meeting with Twitter employees. The Tesla founder discussed his new plans and forward-thinking for cryptocurrency and Twitter. He also discussed the other changes that he plans to execute on the social network in the near future.

He answered some of the tough and challenging questions by the employees including how to handle controversial posts on the platform. Some of the employees were also keen to know if any layoffs were planned and whether employees would be allowed to work remotely or not.

According to Elon, there are challenges with Twitter with bot accounts as well as spam accounts. He also stresses ongoing crypto scams on Twitter. While Musk has an idea to make the Twitter algorithm public for a better public critique, he also believes that people can improve, and identify bugs and potential biases in the algorithm. This will not only increase the overall performance of the social media platform but will enable trust and transparency in the system.

Moreover, Elon Musk wants Twitter “as attractive as possible” and at the same time not boring. Twitter must find its way to have diverse entertaining, engaging, and interesting content. However, Musk did not provide any details on adding dogecoin to the tipping service on Twitter.

Also read: Dogecoin jumps to 24% after Elon Musk Buys Twitter for $44 billion USD

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