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A Dogecoin investor filed a suit against Elon Musk for $258 billion on June 16 accusing him of undertaking a pyramid scheme to back the cryptocurrency.
The plea before the Federal Court
In a complaint filed with the Federal Court in Manhattan, plaintiff Keith Johnson has sued Musk alleging that he has been racketeering for supporting the memecoin to drive up its price higher, only to later cause it to tumble.
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint read. "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 compiles comments from Warren Buffett, Bill Gates, and others putting a question mark on the crypto.
Johnsoon seeks $86 billion for damages as against the drop in Dogecoin price since May 2021 and wants the same to be tripled.
Alongside, Elon Musk is facing issues with Tesla and SpaceX employees. SpaceX employees have even floated an internal letter denoncing Elon Musk.
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