Elon Musk is currently being accused in a $258 billion racketeering lawsuit. He is accused of supporting the cryptocurrency Dogecoin by forming a pyramid scheme. There is a new list of investor plaintiffs and defendants that has now emerged and it seems like the lawsuit has expanded. Elon Musk’s tunnel construction business Boring Co is also now named.
The lawsuit has been the talk of the town for a while now given how much Elon Musk has achieved over time, this can be quite a setback for him and his reputation, not to forget, his fortune as well. This lawsuit will be receiving a lot of publicity as the world’s richest man is involved in the lawsuit. This will have high media coverage and a lot of people are waiting for answers.
What is the Gyst of the Lawsuit Against Elon Musk?
The complaint was amended on Tuesday night in a federal court in Manhattan. It is alleged that Elon Musk, his company Tesla, his company Boring, and his company SpaceX are involved in driving up the price of Dogecoin with full intentions to deceive. It was driven up at least 36,000% and this happened over a period of two years after which it crashed.
The defendants then made billions off this episode and this was a deceptive move from their side to knowing that the currency could not prosper any further, however for their own benefit they kept it hidden from other investors how this currency was depending on nothing but marketing. Elon Musk seems to be the target here who has to justify whether these allegations are true or false, as the lawsuit continues.
What Does Elon Musk Have to Say About the Lawsuit Against Him?
There has been no immediate response related to the amended lawsuit. Elon Musk, the world’s richest person, is often accused of such fraud as he was earlier accused of false advertisement about his other venture, Tesla. “In every year since 2016, Tesla and Musk have repeatedly made deceptive and misleading statements to consumers indicating that a fully self-driving, fully autonomous Tesla vehicle was just around the corner, often expressly stating that would occur by the end of that calendar year or ‘within the next year,” says the lawsuit.
These are some serious allegations and should be equally assessed. If Elon Musk keeps doing this, this could end up destroying people’s trust in him and this can never be a good deal that the richest person can get because at the end of the day all his billion-dollar fortune depends on how people react to his ventures. The people make it a hit or a flop so let us see how he plans to justify his actions in front of people, let alone how he manages to prove it in front of the law.