Elon Musks Dogecoin Investment Advice: Not Exactly Encouraging

Elon Musks Dogecoin Investment Advice: Not Exactly Encouraging

Elon Musk advises investors to not “bet the farm on dogecoin,” but continues to support the meme coin for its humor and dog-inspired branding.

Nevertheless Billionaire Elon Musk (Tesla & SpaceX CEO) has shown his love for meme cryptocurrency Dogecoin (DOGE) over the years, that doesn’t mean he is telling investors to put their life savings into it. 

Musk informed the Wall Street Journal this coming week that at its CEO Council Summit to not “bet the farm on dogecoin.”

“I’m not advising anyone to buy cryptocurrency or bet the farm on dogecoin,” Musk said. 

Musk also mentioned that Dogecoin (DOGE) is his favorite because it has “the best humor” and “it has dogs.”

Pawsitive on dogecoin 

Musk, who purchased Twitter a year ago, adopted Dogecoin’s symbol as its logo in April, sending the Meme Coin coin’s value to skyrocket by over 30 percent

Musk has likewise was known Dogecoin (DOGE) “the people’s crypto” back in 2021 and in June 2022 stated he would “keep supporting Dogecoin.”

Musk was sued in June for $258 Billion by Keith Johnson in the Southern District of New York. 

Johnson, a New England-resident electrician, sought damages from Musk and his corporations on behalf of investors who lost money by investing in Dogecoin (DOGE) since April 2019. 

“Defendants were aware since 2019 that Dogecoin (DOGE) had no value is still promoted Dogecoin (DOGE) to profit from its trading. Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin (DOGE) Pyramid Scheme for profit, exposure, and amusement,” Johnson stated in his complaint charging Musk of racketeering. 

Separately, Musk settled charges with the United States Securities and Exchange Commission and paid $20 Million and stepped down as Tesla’s chairman after the regulating authority stated he tweeted that he could take Tesla, Inc. private at $420 per share, and that financing had been secured. 

“The SEC’s complaint alleged that, in truth, Musk knew that the  capacity transaction was uncertain and subject to numerous contingencies,” the SEC said. 

Dogecoin (DOGE) was valued at about 7 cents as of Wednesday morning. 


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