Twitter Facebook LinkedIn Flipboard 0 The world’s richest man and the CEO of Tesla, Elon Musk, has recently been sued for over $200 billion for allegedly being part of a crypto pyramid scheme. After Musk again took to Twitter to support Dogecoin, users were rewarded with instant gains just minutes after the tweet. Will crypto influencers steer clear of the crypto markets after the current backlash? Or will they follow in Musk’s footsteps? Let’s take a look. Buy Crypto on eToro Your capital is at risk. Elon Musk Sued The billionaire investor has been notorious for his heavy involvement in the crypto markets. On June 18th, Musk tweeted in support of Dogecoin – his involvement lifting prices and increasing meme coin sentiment. In the past, Musk has been blamed and credited for creating such volatile price movements by making a single tweet. However, Musk and his companies have been hit with a $258 billion lawsuit, as the plaintiff claims he is a part of a racketeering scheme to pump the dogecoin price. The plaintiff, Keith Johnson, identified himself as an American citizen who was defrauded of money by the defendant, Elon Musk. “Musk, Tesla and SpaceX falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all”, says Johnson. After filing the lawsuit in New York, Johnson is seeking class-action status. The plaintiff is asking for $86 billion in damages and $172 billion in triple damages. The number represents Dogecoin’s market cap lost since its May 2021 peak. The lawsuit identifies many of Musk’s tweets in the last 18 months that support Dogecoin as an investment opportunity. “Dogecoin is simply a fraud whereby greater fools are deceived into buying the coin at a higher price”, the lawsuit reads. The price of Dogecoin peaked before Musk’s anticipated appearance on Saturday Night Live in early May 2021. Since then, the token has lost more than 90% of its value. Musk has previously stated that Tesla bought large amounts of Bitcoin but sold it months later due to its negative environmental impact. Since then, Musk has supported Dogecoin and offered the token as a payment option when buying merchandise from Tesla and SpaceX. Will Crypto Influencers Follow or Steer Clear? Following the recent increase in interest rates, the global markets have been plunging. However, crypto influencers like Elon Musk remain bullish on cryptocurrencies. CEO of MicroStrategy, Michael Slayor, has stated that he is still buying Bitcoin despite the crash. Other influencers like Kevin O’Leary, the shark tank investor, states that the recent crypto crash can bottom out the current crypto industry. Furthermore, O’Leary says that this crypto crash should be used as an important educational opportunity, making traders more aware of the risks involved when trading in digital assets. Buy Crypto on eToro Your capital is at risk. Related posts MicroStrategy CEO Michael Saylor Calls for Crypto Regulation Kevin O’Leary is Buying These Stocks & Not Selling Crypto Dogecoin Price Prediction Next 10x Crypto - Lucky Block (LBLOCK) Our Rating Listed on LBank, Pancakeswap - Trending in 2022 Crypto Games Platform - luckyblock.com Donations to Charity Free Ticket to Jackpot Draws Passive Income Rewards Worldwide Competitions 10,000 NFTs Minted - nftlaunchpad.com Learn More Twitter Tweet Facebook Share Email This article was written for Business 2 Community by Viraj Randev.Learn how to publish your content on B2C Join our Telegram channel to stay up to date on breaking news coverage Author: Viraj Randev Viraj is a UK based graduate of Surrey University and experienced finance writer, specialising in the cryptocurrency and blockchain niche after completing a summer internship for work experience at DBS bank in New Delhi India. As well has here on B2C Viraj's published work can be found on OwlRatings, and acrossView full profile ›More by this author:Bitcoin hitches a Lift With the Stock Market, Powering to $25k Next?Elon Musk’s Boring Will Take Your Dogecoin for Vegas Loop JourneysBitcoin Pumps 11% to $21k in Asia Session – Buy the Dip?