Fashionable 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 operating a pyramid scheme to again Dogecoin.

The criticism was filed in Manhattan’s federal courtroom, the place plaintiff Johnson accused Elon Musk, his area tourism agency SpaceX and EV automotive firm Tesla of racketeering for driving up the value of Dogecoin, solely to permit the value to tumble later.

The Dogecoin Pyramid Scheme defrauded Keith Johnson, and the defendants had been utterly conscious that DOGE has no worth, but it was promoted to achieve from its buying and selling. Musk used his recognition as being the World’s Richest to control and function the DOGE Pyramid Scheme for his amusement, publicity, and revenue. He additionally claimed that Musk and his firms make an unlawful racketeering block that inflates the value of Dogecoin.

Based on 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 symbolize a bunch of Dogecoin traders who’ve misplaced their funds whereas buying and selling in DOGE since 2019. He’s searching for $86bn in damages with the addition of triple damages price $172 bn together with an order to dam Musk and his companies from selling the cryptocurrency and, lastly, declaring that buying and selling in DOGE constitutes nothing however playing beneath the New York and the US legislation.

Musk, together with the representatives of Tesla, SpaceX, and the authorized counsel of Tesla, didn’t react to those claims straight away. 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 income.