Seven Dogecoin investors joined the lawsuit against Musk

An amended $258 billion lawsuit was filed in Manhattan federal court over Musk's support of the cryptocurrency Dogecoin. Seven new Dogecoin investor plaintiffs joined the plaintiffs, and six companies, including Musk's tunnel-building company Boring Co. were added to the defendants. This was reported by Reuters.

Seven Dogecoin investors joined the lawsuit against Musk

According to the suit, Musk and his companies Tesla, SpaceX, Boring and others deliberately raised the price of Dogecoin by more than 36,000% for two years and then allowed it to crash.

Featured book: Read People Like a Book PDF version

So the defendants "profited in the tens of billions of dollars" at the expense of other Dogecoin investors, all the while knowing that the cryptocurrency had no intrinsic value and that its value "depended solely on marketing," the lawsuit says.

The original lawsuit was filed in court in June. Keith Johnson, who has been trading cryptocurrency since 2019, went to the Southern District of New York court. The man argued that Dogecoin trading equated to gambling under U.S. law, so the court should bar Musk, SpaceX and Tesla from promoting the cryptocurrency.

Johnson in the lawsuit estimated financial losses to investors since April 2019 at $258 billion. He is seeking $86 billion in restitution and $172 billion in compensation.

Read also

Withholding TaxGeneral Accepted Accounting StandardsLetter Of IntentWhat is scarcityYear-to-dateLong-Term LiabilitiesNon-Disclosure AgreementChief Operating OfficerReturn on InvestmentChief Marketing OfficerChief Financial OfficerAsset Protection TrustChief Security OfficerCertified Financial PlannerElectronic Funds TransferLimited Liability CompanyClose of BusinessCompany FinanceCash FlowAutomated Teller MachineReturn on EquityStagnation meaningCertified Management AccountantNon-Profit OrganizationCertified Financial ManagerChief Technology OfficerProfit and Loss StatementGross Margin

Business and Finance terms

Withholding Tax General Accepted Accounting Standards Letter Of Intent Scarcity Year-to-date Long-Term Liabilities Non-Disclosure Agreement Chief Operating Officer Return on Investment Chief Marketing Officer Chief Financial Officer Asset Protection Trust Chief Security Officer Certified Financial Planner Electronic Funds Transfer Limited Liability Company Close of Business Company Finance Cash Flow Automated Teller Machine Return on Equity stagnation Certified Management Accountant Non-Profit Organization Certified Financial Manager Chief Technology Officer Profit and Loss Profit and Loss Statement Gross Margin