Tesla CEO Elon Musk has been sued for $258 billion for allegedly running a pyramid scheme to support Dogecoin
The lawsuit was filed by a Dogecoin investor who also sued Musk’s companies Tesla and SpaceX. Musk is also the CEO of SpaceX
Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price
Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading
Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit
Johnson likened dogecoin to a pyramid scheme since the virtual currency has no intrinsic value nor is it a product.
Additionally it is not backed by a tangible asset and the number of “coins” is unlimited.