Elon Musk Faces $258 Billion Lawsuit Over Alleged Dogecoin Pyramid Scheme

Elon Musk, the famous internet clown and terrible Saturday Night Live host, and his two huge companies, Tesla and SpaceX, are being sued for a ludicrously large $258 billion over…uh…Dogecoin.

As I have stated, 2022 will be a year of spectacular news. Musk and his companies are being sued, according to Bloomberg, for allegedly being involved in a racketeering conspiracy involving the Dogecoin cryptocurrency.

Keith Johnson filed the potentially costly complaint, alleging that Musk, SpaceX, and Tesla were all involved in a large-scale pyramid scheme to control the price of Dogecoin while also convincing people online that it was a legitimate and sound investment. The case was filed in the Southern District Court of New York in Manhattan on June 16.

According to court documents, Johnson’s legal team claims that Musk and his firms increased the price of Dogecoin intentionally and illegally. Johnson also claims in the documents that Musk’s “Dogecoin Crypto Pyramid Scheme” “defrauded him out of money.” (By the way, that was the name of my high school electro-pop-punk band.) According to Bloomberg, Johnson claims Musk and his firms “falsely and deceptively” represented the cryptocurrency, which was founded in 2013 and named after an internet joke, was a “legal investment.” Johnson, on the other hand, says that Dogecoin has “no value at all,” which may cause you to take a seat.

Johnson is suing for $86 billion in compensation. In addition, he seeks $172 billion in triple damages as well as a court order prohibiting Musk from promoting Dogecoin. On top of that, he claims that under New York and US federal law, all Dogecoin trade is gambling and should be regulated accordingly. When you add it all together, you get the staggering figure of $258 billion. To provide some context.

For $4 billion, Disney purchased Lucasfilm and Star Wars as a whole. Mircosoft also purchased Activision for $70 billion earlier this year. Tesla and SpaceX have been contacted by Kotaku regarding the case. According to the lawsuit, Johnson is seeking class-action status to represent other investors who have lost money trading Dogecoin since April of this year.

Musk has recently been in the spotlight for his Twitter feud with a video game humor website. The most amusing aspect of the feud is how poorly Musk is losing. Speaking of Twitter, the 50-year-old millionaire is attempting to purchase the social media network for a staggering $44 billion dollars. In addition, he has a dreadful Elden Ring build.