Elon Musk, the juxtaposing meme-lord who is simultaneously on-course to become the world’s first trillionaire, is being sued for $258 billion amid claims he’s been running a pyramid scheme to support Dogecoin.
The plaintiff of the case, Keith Johnson, filed the complaint in a federal court in Manhattan, claiming that Musk has been purposely touting Dogecoin to drive up its price, only to then let its price tumble. He also claims Musk has been aware since 2019 that Dogecoin has no value, and that he’s been using his pop-cultural and financial influence to ‘operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement’.
Despite his lawyer failing to immediately provide evidence of Dogecoin being ‘worthless,’ nor any evidence of Musk’s involvement in running a pyramid scheme, Johnson is seeking $258 billion in damages, which (due to Dogecoin’s decline since May 2021) is triple his initial $86 billion claim. For context, Dogecoin was previously trading at 74 cents at its peak in Spring 2021, however now, it’s trading at a mere 5.7 cents.
The claims (and perhaps audacity) of Johnson also extends into the judicial realm, as he also wants the judge to declare trading Dogecoin as ‘gambling’ under federal and New York law.
Although Musk and his lawyers are yet to respond to the claims, those interested in the case can use the following information to keep up to date with its ongoings: Johnson v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037.