(MENAFN) Billionaire Elon Musk and his electric car company Tesla and space firm SpaceX are being sued for USD258 billion by a cryptocurrency financier who accuses that the CEO made a pyramid scam to back the rate of Dogecoin.
Plaintiff Keith Johnson charges Musk “of racketeering for touting” Dogecoin, once an unknown cryptocurrency, and accuses him for expanding its rate higher exponentially, before letting it to drop, and causing stockholders billions of dollars in decreases throughout the process.
The complaint that was filed in a federal court in Manhattan on Thursday stated that “Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement,” adding “Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading.”
It also mentioned that “Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all. Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class have lost approximately $86 billion in this Crypto Pyramid Scheme.”
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