On Thursday, a Dogecoin DOGE 0.41% investor sued Elon Musk for $258 billion in damages, alleging that Musk used pyramid schemes to promote Dogecoin.
In a complaint filed in Manhattan federal court, plaintiff Keith Johnson accuses Musk, Tesla and SpaceX of “extortion” by peddling Dogecoin and driving up its price, which then plummeted .
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“The defendants have known since 2019 that Dogecoin has no value, but they are still promoting and profiting from Dogecoin,” the indictment reads. “Musk used his status as the world’s richest man to run and Manipulate Dogecoin ‘pyramid scam’ for profit, exposure.”
Plaintiff Keith Johnson also plans to stop Musk and his company from promoting Dogecoin.
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