Dogecoin investor sues Elon Musk for $258 billion over alleged pyramid scheme
The Hindu
The investor claimed that in spite of Dogecoin having “no value,” the Tesla and SpaceX CEO had driven prices up before letting them crash
Elon Musk was sued for $258 billion on June 16 by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.
Musk is CEO of both Tesla and SpaceX.
“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complaint said. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”
The complaint also aggregates comments from Warren Buffett, Bill Gates, and others questioning the value of cryptocurrency.
Tesla, SpaceX and a lawyer for Musk did not immediately respond to requests for comment.
A lawyer for Johnson did not immediately respond to requests for comment on what specific evidence his client has or expects to have that proves Dogecoin is worthless and the defendants ran a pyramid scheme.
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