Dogecoin investor sues Elon Musk for scam
An investor in the Dogecoin cryptocurrency sued millionaire Elon Musk for $258 billion for being involved in a pyramid scheme
Dogecoin investor Keith Johnson sued Elon Musk, electric car company Tesla Inc. TSLA.O, and space tourism company SpaceX for $258 billion for promoting the Dogecoin cryptocurrency by raising its price and then dropping it.
The lawsuit was filed in a federal court in Manhattan where Musk is accused of conducting “a pyramid scheme to support the cryptocurrency.”
According to the lawsuit, since 2019 the defendants were aware that the Dogecoin cryptocurrency was worthless and yet promoted it to benefit “Musk used his pedestal as the richest man in the world to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and fun.
Triple the value for damages
Johnson’s lawyer did not release any information about the evidence they have to show that Musk is involved in this type of scam, or how they plan to prove that dogecoin has no value. While the legal representatives of Tesla, SpaceX and Musk’s lawyer did not comment on the accusations.
Investor Johnson wants “86 billion dollars in damages, which represents the decline in the market value of Dogecoin since May 2021, and he wants it to triple.”
In the lawsuit document they point out that the depreciation of the cryptocurrency began at the moment that the CEO of Tesla exhibited on the NBC program “Saturday Night Live”, where he played a fictional financial expert in a segment of “Weekend Update “, where he exclaimed that dogecoin was “a scam”.
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