Elon Musk is in the process of being charged for the Ponzi scheme he has done with his very own Dogecoin.
Elon Musk is in the allegations by billionaire Investor Keith Johnson. Also, Elon Musk’s companies, SpaceX and Tesla, are also on the firing lines in Musk’s companies.
Moreover, Johnson is suing Musk for allegedly backing the pyramid scheme that actually involves backing the pyramid scheme. This scheme actually involves the meme crypto dogecoin.
The claim actually supports that DOGE is a: “Fraud that fools the great fools”. The complaint is currently in the Manhattan Federal court, and the complaint states the following:
“The defendants knew since 2019 that Dogecoin had no value and was still promoting Dogecoin to profit from their trade. Musk used his pedestal as the richest man in the world to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and fun.”
Elon Musk & Pyramid Scheme
The investor debated his complaint with comments from billionaires Warren Buffet, Bill Gates, and others.
Moreover, Keith Johnson alleges the CEO of Tesla for the cheating after deciding to invest in Dogecoin. He accused Musk of “inflating” DOGE’s worth with his tweets, promoting it for his “own benefit, exposure, and amusement.” Further, Johnson is also seeking court orders preventing the billionaire from promoting the meme cryptocurrency.
In addition, the demand made by the investor is under the argument of a “decrease in the market value of Dogecoin since May 2021.” Johnson wants DOGE to state itself as a ‘bet’ under the federal laws of New York.
Additionally, Keith Johnson argues that Dogecoin is an “illegal phishing company” that is fueling promoting and manipulating via Twitter.
DOGE Value Falls After Accusation
Previously, DOGE closed the fifth month of the year with a market cap of around $11.39 billion. This was a 35% drop from the opening day market value. On May 1, DOGE recorded an impressive trading volume of $991.71 million, corresponding to a market capitalization of approximately $17.62 billion.