The Tesla exec says he has never advised anyone to invest in digital currencies.
In light of the lawsuit slammed against Elon Musk, the Tesla executive has noted that he has never asked anyone to invest in cryptocurrencies.
The founder and CEO of the American electric car company made this known today in a virtual interview in the ongoing Qatar Economic Forumwith John Micklethwait, Bloomberg News Editor-in-Chief.
According to Musk, despite not advising anyone to invest in cryptocurrencies, he and his company hold some units of Bitcoin (BTC) and Dogecoin (DOGE), which he explained represent a small percentage of the company’s total cash reserve.
“I have never said that people should invest in crypto. In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets,” Musk was quoted as saying in the interview.
JUST IN: «I have never said that people should invest in crypto. In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets,» says Elon Musk https://t.co/BLcp2WIvub #QatarEconomicForum #منتدىقطرالاقتصادي pic.twitter.com/R1ZfRGxWBR
— Bloomberg Live (@BloombergLive) June 21, 2022
Musk Sued for Promoting Dogecoin
It can be recalled that a U.S.-based man slammed Musk with a $258 billion lawsuit for the role he played in promoting Dogecoin to the public.
On several occasions, the popular tech mogul has thrown his weight behind Dogecoin on Twitter, where he has a huge following of nearly 100 million users.
Musk’s constant support of Dogecoin contributed to the massive growth of the cryptocurrency, which soared as high as $0.73 early last year.
However, the token’s value is currently a shadow of itself, as it has plunged massively by over 90% since it peaked at $0.73.
DOGE is trading around $0.06 at the time of writing this line, data on cryptocurrency aggregator platform Coingecko shows.
The plaintiff, Keith Johnson, noted that Musk was instrumental in promoting Dogecoin to the public, a token that he described in the lawsuit as a “pyramid scheme.”
Johnson said he will be representing global Dogecoin investors who have also suffered significant losses investing in the cryptocurrency.
Meanwhile, Johnson’s description of Dogecoin as a pyramid scheme did not go down well with DOGE’s co-creator Billy Marcus.
In a Twitter thread yesterday, Marcus said if people consider DOGE a pyramid scheme, then the same title should be used to describe all financial instruments, including stocks, commodities, the entire crypto market among others.