Elon Musk is sued for $258 billion, for a pyramid scheme with Dogecoin – Nerd4.life

Elon MuskAnd Tesla and SpaceX 258 billion dollars – That’s right, billions, not millions – accused of running a pyramid scheme with cryptocurrency Dogecoin.

According to a Reuters report, the lawsuit was filed By Dogecoin investor Keith Johnsonwho accused Musk of using his fortune and his position as CEO of the two companies to promote Dogecoin and raise its price, only to let it collapse.

“The defendants have known since 2019 that Dogecoin has no value, yet they upgraded Dogecoin to make a profit “Musk used his position as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, clarity and entertainment,” the complaint said.

Elon Musk

remember it Dogecoin It was introduced in 2013 mainly as a joke, but in a short time it became a real cryptocurrency. Its value had stagnated near zero for years, until Musk tweeted it in late 2020, causing a sharp price jump. Subsequent tweets from 2021 have pushed him even higher; It peaked at $0.74 in May 2021, but has since declined, losing more than 90% of its price and currently standing at around $0.06.

Johnson wants Musk and his companies to be banned from promoting Dogecoin and for Dogecoin trading to be advertised under federal and state laws. As you wish, as already mentioned, 258 billion dollars: $86 billion in actual damages, representing Dogecoin’s loss in value since May 2021, as well as a tripling of the compensation claim. Looks like a gamble: suing is one thing, winning it is another; Even if Johnson wins, Musk is rich but not that rich.

Musk is not the only wealthy person who has had trouble promoting Dogecoin. Former Antivirus Expert John McAfee He was accused of fraud in 2021 for running schemes involving several cryptocurrencies, including Dogecoin. Shortly before McAfee was extradited to the United States to face charges, he was found dead in a Spanish prison cell.

Moving on to lighter topics, we’re reminded of when Elon Musk showed off his Elden Ring character’s gear and fans attacked him.

Leave a Comment