HomeCrypto NewsMarketElon Musk Says He Never Told Anyone to “Invest In Crypto” Amid Ongoing $258B Dogecoin Lawsuit Against Him  

Elon Musk Says He Never Told Anyone to “Invest In Crypto” Amid Ongoing $258B Dogecoin Lawsuit Against Him  


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The Tesla exec says he has never advised anyone to invest in digital currencies.  

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In light of the lawsuit slammed against Elon Musk, the Tesla executive noted that he never asked anyone to invest in cryptocurrencies.

The founder and CEO of the American electric car company made this known today in a virtual interview in the ongoing Qatar Economic Forum with John Micklethwait, Bloomberg News Editor-in-Chief.

According to Musk, despite not advising anyone to invest in cryptocurrencies, he and his company hold some units of Bitcoin (BTC) and Dogecoin (DOGE), which he explained represent a small percentage of the company’s total cash reserve. He also confirmed again that he personally support dogecoin.

I have never said that people should invest in crypto. In the case of Tesla, SpaceX, and myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets, I also bought dogecoin and Tesla accepts dogecoin for merchandise and I intend to personally support dogecoin.” Musk was quoted as saying in the interview.

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Musk Sued for Promoting Dogecoin

It can be recalled that a U.S.-based man slammed Musk with a $258 billion lawsuit for the role he played in promoting Dogecoin to the public.

On several occasions, the popular tech mogul has thrown his weight behind Dogecoin on Twitter, where he has a huge following of nearly 100 million users.

Musk’s constant support of Dogecoin contributed to the massive growth of the cryptocurrency, which soared as high as $0.73 early last year.

However, the token’s value is currently a shadow of itself, as it has plunged massively by over 90% since it peaked at $0.73.

DOGE is trading around $0.06 at the time of writing this line, data on cryptocurrency aggregator platform Coingecko shows.

The plaintiff, Keith Johnson, noted that Musk was instrumental in promoting Dogecoin to the public, a token that he described in the lawsuit as a “pyramid scheme.”

Johnson said he will be representing global Dogecoin investors who have also suffered significant losses investing in the cryptocurrency.

Meanwhile, Johnson’s description of Dogecoin as a pyramid scheme did not go down well with DOGE’s co-creator Billy Marcus.

In a Twitter thread yesterday, Marcus said if people consider DOGE a pyramid scheme, then the same title should be used to describe all financial instruments, including stocks, commodities, and the entire crypto market among others.

Elon’s Tesla currently holds a total of 42,902 Bitcoin, which was acquired at an aggregate sum of $1.32 billion.

Elon also confirmed that His SpaceX Merch is to Accept Dogecoin Soon.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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