Elon Musk & His Companies Sued For $258 Billion For Dogecoin Pyramid Scheme

Elon Musk, Tesla & Space X Sued For $258 Billion For Alleged Dogecoin Pyramid Scheme

Keith Johnson sued Musk and his companies, claiming they constitute an illegal racketeering enterprise to inflate Dogecoin’s price.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Johnson said in his complaint, filed Thursday in federal court in Manhattan.

Johnson is seeking to represent a class of people who have lost money trading in Dogecoin since April 2019.

 

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He is asking for $86 billion in damages, plus triple damages of $172 billion, as well as an order blocking Musk and the companies from promoting Dogecoin, and declaring that Dogecoin trading constituteos gambling under US and New York law.

Elon Musk is the founder, CEO, and Chief Engineer at SpaceX; angel investor, CEO, and Product Architect of Tesla, Inc.; founder of The Boring Company; and co-founder of Neuralink and OpenAI.

With an estimated net worth of around US$203 billion as of June 2022, Musk is the wealthiest person in the world according to both the Bloomberg Billionaires Index and the Forbes real-time billionaires list.

Musk has been criticized for making unscientific and controversial statements, such as spreading misinformation about the COVID-19 pandemic.