Dogecoin investor demands $258 billion in damages from Musk

Tesla boss sued for $258 billion!

Musk is said to have manipulated the price of cryptocurrency

A US investor has sued tech billionaire Elon Musk over his losses in cryptocurrency Dogecoin. The indictment speaks of a pyramid scheme.

Published: 06/17/2022 at 13:01

Keith Johnson filed a lawsuit against Elon Musk and his companies Tesla and SpaceX in a New York court on Thursday. He accuses the billionaire of having manipulated the Dogecoin course with his statements. Johnson called Dogecoin a “pyramid scheme” and said he was “scammed.”

Dogecoin was invented in 2013 as a joke currency based on a dog meme. Most of the time, the cryptocurrency was only traded for fractions of a cent. However, fueled by comments from Musk, its value skyrocketed in early 2021, only to plummet again shortly thereafter. In the end it was only worth less than six cents.

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