On Thursday, Elon Musk, SpaceX, and Tesla have been sued for $258 billion by a Dogecoin investor who accused Musk and his corporations of working a pyramid scheme to help the cryptocurrency.

In the grievance, plaintiff Keith Johnson claimed Musk, Tesla, and SpaceX had touted Dogecoin, driving its value as much as solely then permit the worth to tumble. 

“Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the grievance mentioned. “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”

Johnson is looking for $86 billion in damages and desires to dam Musk, SpaceX, and Tesla from selling the cryptocurrency. Johnson can be looking for for a decide to declare that Dogecoin buying and selling constitutes playing below federal and New York regulation.

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