Elon Musk and his companies, Tesla and SpaceX, are now facing a USD 258 billion lawsuit for their involvement in a Dogecoin-based Crypto Pyramid Scheme.
Plaintiff Keith Johnson filed the class-action lawsuit in the Southern District of New York. Musk and his enterprises, according to Johnson, “falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.“
He went on to say that they had duped him and others into thinking “believing that Dogecoin is a valuable asset worth purchasing, holding, and trading.“
Musk has been outspoken about his support for the Dogecoin cryptocurrency. He has tweeted things like “Dogecoin is the people’s crypto” and “Doge will live forever.”
Not to mention Tesla and SpaceX accepting Dogecoin as payment for merchandise, as well as Musk’s appearance on Saturday Night Live, where he referred to himself as the “Doge Father.”
Johnson is seeking USD 86 billion in compensatory damages and USD 172 billion in triple damages in his claim. Johnson is also requesting that Musk and his firms be barred from marketing Dogecoin and that trading Dogecoin be designated a form of gambling.