Tesla CEO, Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor. The Shiba-Inu dog-themed crypto investor accused the billionaire accused of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk of racketeering. This is because he is a staunch supporter and influencer of Dogecoin.
Musk was said to be touting Dogecoin and driving up its price, only to then let the price tumble.
The complaint stated, ”Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”
Johnson is seeking $86 billion in damages. This is representing the decline in Dogecoin’s market value since May 2021, and wants it tripled.
He also wants to block Musk and his companies from promoting Dogecoin. In addition to this, Johnson wants a judge to declare that trading Dogecoin is gambling under federal and New York law.
This is coming after the latest comment of Microsoft co-founder, Bill Gates on cryptocurrency & NFTs.