Musk tweets that he will keep supporting Dogecoin, in spite of lawsuit

Quick Take

  • Musk tweeted “I will keep supporting Dogecoin” early today in an exchange with another user.
  • The lawsuit against Musk and his businesses Tesla and SpaceX claims Musk and his business’s activities around Doge defrauded the plaintiff and other investors.

Elon Musk tweeted his support today for Dogecoin, in spite of a class action lawsuit filed against him on Thursday claiming his actions involving the meme-themed cryptocurrency constituted a Ponzi scheme.

Musk tweeted: “I will keep supporting Dogecoin” early today in an exchange with another user, who urged him to keep buying it. “I am,” Musk tweeted in reply.

Keith Johnson, a US citizen, lodged the suit against Musk and his businesses Tesla and SpaceX in the Southern District of New York on behalf of himself and those similarly situated, claiming Musk and his business's activities around Doge defrauded him and other investors.

The complaint alleged that Musk's consistent messaging that he was a fan of the cryptocurrency led directly to its price spike, and when market conditions changed, investors lost out.

Musk has a long history promoting Dogecoin and the complaint highlights the greatest hits of Musk's Doge tweets since a satirical article piqued his interest about the meme coin in 2019. The complaint points out that Dogecoin grew in value after Musk's tweets about it in 2019.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.