He may be a billionaire but Musk has been slapped with a hefty lawsuit that will leave even his wallet dry
Elon Musk is sued for $258 billion dollars after a Dogecoin investor accused him of running a pyramid scheme to support the cryptocurrency.
In a complaint filed in federal court in Manhattan, the investor accused Musk, Tesla and SpaceX of being dishonest and touting Dogecoin by driving up its price, only to then let the price tumble.
The complaint says “Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading,”
It continues on to say Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.”
The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.
Tesla, SpaceX and a lawyer for Musk did not immediately respond to requests for comment.
