Musk, Tesla, SpaceX sued for $258 billion over alleged Dogecoin pyramid scheme
Elon Musk, Tesla Inc (NASDAQ: TSLA) and SpaceX were sued for $258 billion over claims that they are running a pyramid scheme to back the cryptocurrency Dogecoin
By Arghyadeep Dutta
Published - Jun 16, 2022, 07:00 PM ET
Last Updated - Mar 04, 2024, 08:43 AM EST
• Plaintiff claimed $86 billion in damages, plus triple damages of $172 billion due to fall in Dogecoin’s price
• He asked court to block Musk and his companies from promoting Dogecoin and declare ‘meme-coin’ trading as gambling
Elon Musk, Tesla Inc (NASDAQ: TSLA) and SpaceX were sued for $258 billion over claims that they are running a pyramid scheme to back the cryptocurrency Dogecoin.
In a complaint filed in federal court in Manhattan on Thursday, plaintiff Keith Johnson, who is a Dogecoin investor, accused the electric carmaker, space tourism company and Musk, who is the CEO of both the companies, of racketeering for inflating the price of the digital currency, only to then let the price tumble.
