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Elon Musk and Companies Sued for $258bn Over Alleged Dogecoin

Elon Musk has been sued for $258 billion by a cryptocurrency investor who claims the Tesla co-founder conducted a pyramid scheme using Dogecoin. Musk and his firms, Tesla and Space X, are accused of orchestrating a “pyramid scheme” to raise the price of Bitcoin, according to a complaint filed by plaintiff Keith Johnson in New York.

“Defendants erroneously and deceptively claim that Dogecoin is a legal investment when it has no value at all,” the complaint said. “Since defendant Musk and his firms Space X and Tesla, Inc. began acquiring, creating, investing, marketing, sponsoring, and managing in 2019, plaintiff and the class have lost nearly $86 billion” in a “crypto pyramid scam,”. Musk’s tweets and videos on Dogecoin throughout the years are also detailed in the complaint. Musk referred to himself as the “DogeFather” when marketing his performance on NBC’s “Saturday Night Live” in April 2021, according to the complaint.

Johnson, who is described in the lawsuit as “an American citizen who was scammed out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” is seeking $86 billion in damages for the cryptocurrency’s value decrease, as well as an extra $172 billion to quadruple his losses. He also wants Musk and his firms to be barred from promoting , as well as fortrade to be deemed illegal in the United States and New York.

Tesla and Johnson’s attorney have been contacted for comment by The Hill. In December of last year, Musk revealed that Tesla will take Dogecoin, a popular cryptocurrency, as payment for Tesla items. In January, Musk asked fast-food chain McDonald’s to begin accepting cryptocurrency as a form of payment.

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