Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

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Reuters UK

By Jonathan Stempel NEW YORK (Reuters) – Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency. In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble. Musk is CEO of both Tesla and SpaceX. “Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,” the complai…

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