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Elon Musk, the billionaire, isn’t explicitly endorsing Dogecoin as an investment choice.

While Billionaire Elon Musk has expressed his fondness for the meme coin Dogecoin in the past, it should not be misconstrued as a recommendation for investors to allocate their life savings into it.

During the CEO Council Summit, Elon Musk advised participants, as reported by the Wall Street Journal, not to “bet the farm on Dogecoin.”

Elon Musk clarified his stance by stating, “I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”

Musk added that dogecoin is his favorite because it has “the best humor” and “it has dogs.”

Positive Outlook on Dogecoin

In April, Elon Musk, who acquired Twitter last year, chose Dogecoin’s symbol as its logo. This move resulted in a significant surge in the value of the meme coin, with an increase of over 30 percent.

Elon Musk has referred to Dogecoin as “the people’s crypto” in 2021 and expressed his intention to continue supporting Dogecoin in June 2022.

In June, Elon Musk faced a lawsuit filed by Keith Johnson in the Southern District of New York, seeking $258 billion in damages.

Keith Johnson, an electrician residing in New England, filed a lawsuit against Elon Musk and his companies, seeking damages on behalf of investors who experienced financial losses after investing in Dogecoin since April 2019.

In his complaint, Keith Johnson accused Elon Musk of racketeering, claiming that Musk and his companies were aware since 2019 that Dogecoin had no intrinsic value. Johnson alleged that Musk promoted Dogecoin to benefit from its trading, using his influential position as the world’s richest man to operate and manipulate a Dogecoin Pyramid Scheme for personal profit, exposure, and amusement.

In a separate incident, Elon Musk reached a settlement with the US Securities and Exchange Commission (SEC) after the regulatory body accused him of tweeting false information regarding Tesla. Musk paid a $20 million fine and relinquished his position as Tesla’s chairman. The SEC claimed that Musk’s tweet suggesting that he had secured funding to take Tesla private at $420 per share was misleading and violated securities laws.

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