Elon Musk, Spacex & Tesla Sued For $258 Billion In Alleged Dogecoin Pyramid Scheme

Elon Musk, SpaceX and Tesla were sued in federal court Thursday over claims that Musk directly manipulated the price of Dogecoin in a deliberate “crypto pyramid scheme” conducted over Twitter.

Elon Musk’s companies, SpaceX and Tesla have been sued for $258 billion by one Keith Johnson who claims that the companies and their owner illegally inflated the price of Dogecoin, (a cryptocurrency) by constituting an illegal racketeering enterprise.

The action brought against the billionaire and his companies is actually a class action as the plaintiff is suing for himself and on behalf of people who have lost money trading in Dogecoin since April 2019.

In addition, the Plaintiff is also demanding 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 constitutes gambling under Law.

The Billionaire and his team of counsel are yet to respond to the lawsuit.

The cryptocurrency launched in 2013 at $.0002 per coin.