Decoding Elon Musk's $258 billion Dogecoin lawsuit

Decoding Elon Musk's $258 billion Dogecoin lawsuit

Elon Musk is facing a $258 billion racketeering lawsuit for his involvement with Dogecoin.

The $258 billion lawsuit has now expanded, adding 7 new plaintiffs and 6 new defendants.

The complaint said Elon Musk, Tesla, SpaceX and The Boring Company among others, intentionally increased the price of Dogecoin by over 36,000%.

The new complaint further noted that Musk and his companies let Dogecoin crash after a massive success run.

Musk and his companies are accused of profiting tens of billions of dollars at the expense of regular Dogecoin investors.

Musk allegedly ran a pyramid scheme to support the cryptocurrency.

The $258 billion in damages is triple the estimated decline in Dogecoin's market value since May 2021.

Dogecoin traded at about 6 cents on September 7, down from around 74 cents in May 2021.