Elon Musk, SpaceX And Tesla Sued For $258 Billion In Alleged Dogecoin ‘Pyramid Scheme’

According to Forbes, Elon Musk, SpaceX and Tesla were sued in federal court Thursday over claims that Musk directly “manipulated” the price of Dogecoin in a deliberate “crypto pyramid scheme” conducted over Twitter. Plaintiff Keith Johnson is seeking a class-action lawsuit in the Southern District of New York against Musk and his companies SpaceX and Tesla, for at least $86 billion in damages. Johnson argues Musk drove up the price of Dogecoin with his tweets about it, but that the currency lacks “underlying value” and Musk promoted it for his own “profit, exposure, and amusement.” Johnson is also seeking court orders to prohibit Musk from promoting Dogecoin, and to declare Dogecoin trading a form of gambling, under federal and New York law.