Elon Musk: “I Have Never Said People Should Invest In Crypto”

Elon Musk, the CEO of Tesla and SpaceX, has stated that he has never urged anyone to invest in cryptocurrency. His remarks come in the wake of a $258 billion dogecoin lawsuit filed against him.

Musk reaffirms his dogecoin support

Elon Musk said in a virtual interview with Bloomberg News Editor-in-Chief John Micklethwait at the ongoing Qatar Economic Forum that he never asked anyone to invest in cryptocurrencies.

He did reveal, however, that he and his company own Bitcoin (BTC), which accounts for a minor portion of the corporation’s total cash reserve. He also stated that he personally supports Dogecoin (DOGE) and that his electric vehicle company, Tesla, takes the meme-based cryptocurrency for items, with SpaceX expected to follow suit soon.

“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 told in his interview.

Elon Musk is being sued for $258 billion in Dogecoin

Elon Musk and two of his firms, Tesla and SpaceX, were hit with a $258 billion lawsuit earlier this week, saying that the tech magnate deceived investors into believing DOGE was worth something.

The complainant said that the billionaire’s support for Dogecoin encouraged many individuals to invest in the cryptocurrency, which is now down 91.4% from its all-time high of $0.73 set last year. As a result, he is seeking $86 billion in damages, as well as $172 billion in losses from DOGE trades since 2019.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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