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


cryptoknowmics.com 21 June 2022 08:25, UTC
Reading time: ~2 m

The CEO of Tesla and SpaceX, Elon Musk says he never advised people to invest in crypto. His comments come in light of the ongoing $258 billion dogecoin lawsuit against him.

Musk Reaffirms His Support for Dogecoin

Appearing in a virtual interview in the ongoing Qatar Economic Forum with Bloomberg News Editor-in-Chief, John Micklethwait, Elon Musk said that he never asked anyone to invest in cryptocurrencies. However, he did confirm that he and his company hold some Bitcoin (BTC) which represents a small percentage of the company’s total cash reserve. He also confirmed that he personally supports Dogecoin (DOGE) and that his electric car manufacturing company, Tesla accepts the meme-based cryptocurrency for merchandise, with SpaceX following 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 Hit With $258B Dogecoin Lawsuit

Earlier last week, Elon Musk and two of his companies, Tesla and SpaceX were slammed facing a $258 billion lawsuit alleging that the tech mogul misled investors into believing DOGE is worth something. The plaintiff argued that the billionaire’s endorsement of Dogecoin led many people to invest in the cryptocurrency, which is currently down by 91.4% from its all-time high of $0.73, last year. Hence, he is asking for $86 billion in damages, along with $172 billion for losses incurred from DOGE trades since 2019.

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