Standard investor and enterprise magnate Elon Musk, together with SpaceX and Tesla, had been just lately sued on Thursday for $258 billion by a DOGE investor, Keith Johnson. He accused Musk of working a pyramid scheme to again Dogecoin.
The criticism was filed in Manhattan’s federal court docket, the place plaintiff Johnson accused Elon Musk, his area tourism agency SpaceX and EV automotive firm Tesla of racketeering for driving up the worth of Dogecoin, solely to permit the worth to tumble later.
The Dogecoin Pyramid Scheme defrauded Keith Johnson, and the defendants had been fully conscious that DOGE has no worth, but it was promoted to realize from its buying and selling. Musk used his recognition as being the World’s Richest to govern and function the DOGE Pyramid Scheme for his amusement, publicity, and revenue. He additionally claimed that Musk and his corporations make an unlawful racketeering block that inflates the worth of Dogecoin.
In response to Johnson, the defendants deceptively and falsely declare that the crypto is a legit funding when it has completely no worth. He’s additionally attempting to signify a bunch of Dogecoin traders who’ve misplaced their funds whereas buying and selling in DOGE since 2019. He’s looking for $86bn in damages with the addition of triple damages value $172 bn together with an order to dam Musk and his corporations from selling the cryptocurrency and, lastly, declaring that buying and selling in DOGE constitutes nothing however playing underneath the New York and the US regulation.
Musk, together with the representatives of Tesla, SpaceX, and the authorized counsel of Tesla, didn’t react to those claims immediately. On Thursday, Dogecoin was buying and selling at round 5 cents, and it went down by 67% in 2022, and it had risen to 74 cents in 2021 earlier than the values gave up these earnings.