Elon Musk Sued For $258 Billion Over Alleged Dogecoin Scheme

AP Photo/Susan Walsh, File

A $258 billion lawsuit filed against Elon Musk claims his two companies, Tesla and SpaceX, were part of a “Dogecoin Crypto Pyramid Scheme.”

The suit, filed by someone named Keith Johnson in a Manhattan court, accuses Musk of artificially inflating the price of Dogecoin while actively convincing people that investing in the cryptocurrency was a sound thing to do. Johnson claims he was “defrauded out of money” and is seeking $86 billion in damages, plus triple that amount for his suffering, the lawsuit reveals.

The lawsuit claims that “since Elon Musk and his corporations SpaceX and Tesla, Inc. began purchasing, developing, promoting, supporting, and operating Dogecoin since 2019, [the] Plaintiff and the class has lost approximately $86 billion in this Crypto Pyramid Scheme.”

Johnson’s lawsuit states that celebrities, influencers and billionaire investors support of Musk boosts the “price, trading volume and market cap of Dogecoin.”

Musk has not yet responded to the lawsuit.

Have you invested in Dogecoin? Do you think it is a pyramid scheme? Share your thoughts on KGO 810’s Facebook and Twitter.

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