Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme, Elon Musk become sued for $258 billion on Thursday via way of means of a Dogecoin investor

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme, Elon Musk become sued for $258 billion on Thursday via way of means of a Dogecoin investor




Elon Musk become sued for $258 billion on Thursday via way of means of a Dogecoin investor who accused him of strolling a pyramid scheme to aid the cryptocurrency.

In a grievance filed in federal courtroom docket in Manhattan, plaintiff Keith Johnson accused Musk, electric powered vehicle organization Tesla Inc (TSLA.O) and area tourism organization SpaceX of racketeering for touting Dogecoin and riding up its rate, most effective to then allow the rate tumble.


The grievance additionally aggregates remarks from Warren Buffett, Bill Gates and others thinking the cost of cryptocurrency.

Tesla, SpaceX and a legal professional for Musk did now no longer straight away reply to requests for comment.

A legal professional for Johnson did now no longer straight away reply to requests for touch upon what particular proof his customer has or expects to have that proves Dogecoin. 

Johnson is seeking $86 billion in damages, representing the decline in Dogecoin's marketplace cost due to the fact that May 2021, and wishes it tripled.

He additionally desires to block Musk and his groups from selling Dogecoin and a choose to claim that buying and selling Dogecoin is playing below federal and New York law.

The grievance stated Dogecoin's selloff started across the time Musk hosted the NBC show "Saturday Night Live and, gambling a fictitious economic professional on a "Weekend Update" segment, referred to as Dogecoin "a hustle."

Tesla in February 2021 stated it had bought $1.five billion of bitcoin and for a brief time popular it as fee for vehicles.

Dogecoin traded at approximately five.eight cents on Thursday, down from its May 2021 top of approximately seventy four cents.

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