Elon Musk sued for "pyramid scheme" of dogecoin

Elon Musk, SpaceX and Teslaa were sued for $258 billion over claims they are part of a racketeering scheme to back the cryptocurrency Dogecoin.

This was first reported in Bloomberg, which noted the charge brought by individual investors.

Previously, it was found by Unusual Whales that Elon’s tweets have been found to move $TSLA. Historically, his viral meme tweets yield higher short term returns than his tweets specifically mentioning the coins. His tweets coincide with higher volume within the first 3 days of the tweet.

Building a crypto investment strategy around when Elon tweets is no better than randomly investing in the aforementioned cryptos. Dogecoin is the anomaly, with consistently higher returns than randomly investing.