Seven more plaintiffs and six defendants were added to the case, including The Boring, a tunnel-digging company owned by Musk, according to a revised indictment filed Tuesday night in Manhattan federal court.
The amended indictment alleges that Musk, Tesla, SpaceX, The Boring and others deliberately pushed the price of Dogecoin by more than 36,000% over a two-year period before it collapsed.
Through this operation, the defendants “profited tens of billions of dollars” at the expense of other investors in Dogecoin. In the process, the plaintiffs have always known that the currency lacks intrinsic value. In fact, its value “depends entirely on marketing”.
Tesla, SpaceX and The Boring have yet to comment.
The amended indictment also alleges that Musk said on Twitter shortly after the indictment that he would continue to support Dogecoin. In an interview, Musk also claimed that people working around the SpaceX and Tesla factories asked him to support Dogecoin.
Other new defendants include the Dogecoin Foundation, which describes itself as a nonprofit that provides governance and support for Dogecoin. The foundation has not yet commented on the comparison.
Created in 2013, Dogecoin takes its name and logo from the Shiba Inu meme that became popular a few years ago. The digital cryptocurrency started out as a joke, but has since gained a following. Musk, who has been a supporter of Dogecoin, also said earlier this year that SpaceX would bring a Dogecoin to the moon.
The plaintiff’s $258 billion claim is equivalent to three times the size of Dogecoin’s loss in market value since May 2021. Dogecoin was trading at just around $0.06 on Wednesday local time, down from around $0.74 in May 2021.