Dogecoin Disaster? Elon Musk is being Sued for $258 Billion for Crypto Pyramid Scheme

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Elon Musk, the world’s richest man, and his companies, Tesla Inc and SpaceX, are being sued for $258 billion over claims that he was involved in a Dogecoin cryptocurrency scheme that inflated the coin’s price and left investors with billion-dollar losses.

What Happened: The class-action lawsuit, Johnson v. Musk, 22-cv-05037, accuses Musk of running a crypto pyramid scheme — also known as a Ponzi Scheme — using the Dogecoin cryptocurrency, of which Musk has been a passionate supporter since 2019.

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Keith Johnson is representing a group of individuals who have lost money trading Dogecoin since April 2019, according to Bloomberg.



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