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Benzinga
Benzinga
Business
Dan Budzyn

Elon Musk Being Sued For $258B Over Alleged Dogecoin Manipulation: The Rise And Fall Of The Famous Meme Coin

Elon Musk Dogecoin United States Keith Johnson Crypto Tesla Inc. SpaceX Jackson Palmer Lawsuit Manhattan

In Manhattan yesterday (6/16/22), a class-action lawsuit was filed against Tesla Inc (NASADAQ: TSLA) CEO Elon Musk, by a man named Keith Johnson.  The accusation is that Musk, Tesla, and SpaceX are operating an illegal racketeering enterprise to inflate the price of Dogecoin (CRYPTO: DOGE) most often referred to as a meme coin.

The lawsuit comes at a time when seemingly all markets, crypto included, are taking massive hits. Musk has frequently used his platform to champion the meme coin and bring attention to it. Intentional, Illegal, or otherwise, there certainly seemed to be a direct correlation between the movement and the coin and his tweets.  

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