A dogecoin investor (DOGE) is suing billionaire Elon Musk. According to the lawsuit, he asks for US$258 billion in damages. In addition, the user accuses the Tesla creator of running a financial pyramid scheme with the crypto asset.
The lawsuit against Elon Musk was filed recently in a Manhattan court in the United States. Investor Keith Johnson accuses the billionaire of extortion.
According to the indictment, Elon Musk is responsible for inflating the price of dogecoin through messages on Twitter. In addition to the billionaire, the lawsuit cites Tesla and SpaceX as defendants.
Keith Johnson claims that dogecoin has no value and that Elon Musk would have known this since 2019. The billionaire is accused of promoting the crypto asset to profit from its supposed market valuation.
The indictment further cites that Elon Musk used his position as the “richest man in the world” to influence the price of dogecoin. For the investor, the billionaire moved a pyramid scheme with the crypto asset “for profit, exposure, and fun”.
In total, Keith Johnson is asking for |US$ 258 billion in damages from the defendants. He claims that US $86 billion corresponds to losses incurred by the devaluation of the crypto asset since May 2021.
In addition, the US investor requests an amount for moral damages, which corresponds to US$172 billion. In the lawsuit, he also asks Elon Musk, Tesla, and SpaceX to be banned from disclosing dogecoin.
Keith Johnson has also asked the court to classify the crypto asset as gambling. He suggests that the State of New York create a specific law for this classification.