Musk is accused of manipulating the price of Doge coin in a deliberate "crypto pyramid scheme" conducted over the social media site.
In this photo illustration visual representations of digital objects are displayed. The photo was taken by Yuko Nakao.
There is a class-action lawsuit against Musk and his companies in the Southern District of New York.
Musk promoted the currency for his own profit, exposure, and amusement, despite the fact that it lacks underlying value, according to Johnson.
Johnson is trying to get court orders to prohibit Musk from promoting Dogecoin and to make it illegal to trade Dogecoin as a form of gambling.
Doge coin is an illegal wire fraud enterprise that is fueled by promotion and manipulation over social media, according to the suit.
Forbes asked the company for comment, but they didn't reply.
Dogecoin's value dropped to $.057 per coin Thursday from a peak of $.64 a year ago. At the time, the coin was priced at $.0002 per coin. Musk started promoting Dogecoin with a series of posts that included "DOGE" and "Tesla merch buyable with Dogecoin." Both of which increased the Doge coin's value. In February of 2021, Musk said he would pay people who voided their Doge coin accounts. Musk was under investigation by the Securities and Exchange Commission. Musk said that Doge would live forever. On a May, 2021 episode of Saturday Night Live, Musk mentioned Dogecoin, as well as other things.
The suit states that Dogecoin is a fraud that people are deceived into buying.
It was a bust for the billionaire and doge coin, but a boom for NBC.
There is an introduction to doge coin.
A group of people are being sued for their alleged involvement in a pyramid scheme.
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