Elon Musk was hit with a $258 billion lawsuit that alleges the tech mogul and his high-profile companies “are engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.”
In federal court papers filed in Lower Manhattan, the plaintiff, Keith Johnson, names Musk as well as his electric car company, Tesla, and the space tourism firm SpaceX.
Johnson, a US citizen, wants $86 billion in damages, plus tripled damages of $172 billion for losses incurred from trading dogecoin since 2019. He is seeking to represent a class of people who have lost money investing in dogecoin.
The lawsuit also demands that Musk, Tesla and SpaceX cease promoting dogecoin.
On Thursday, one dogecoin was worth just north of 6 cents — well off its all-time high of 74 cents in May 2021.
#elonmusk #dogecoin #crypto
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