Based on his ownership of the incredibly costly Tesla shares, Musk is the wealthiest person on the planet. But it seems that the billionaire has got into some hot water as Elon Musk, Tesla and SpaceX are being sued for $258 billion over Dogecoin crypto pyramid scheme.

Elon Musk, Tesla And SpaceX Sued For $258 Billion Over Dogecoin Crypto Pyramid Scheme

Elon Musk, the billionaire entrepreneur, is being sued for $258 billion along with his electric vehicle business Tesla and space tourism company SpaceX amid allegations that they devised a racketeering conspiracy leveraging the cryptocurrency Dogecoin, according to Bloomberg on Thursday.

Keith Johnson, an investor, launched the lawsuit, alleging that he and others lost funds on Dogecoin as a result of the acts of three defendants who hyped the cryptocurrency’s value before enabling it to crash.

Johnson described himself as “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme.” He said the “defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.”

The lawsuit, which was launched on Thursday in a federal court in New York City, aims to defend a group of individuals who have lost money trading in Dogecoin since April 2019.

The plaintiffs are seeking $86 billion in basic damages and $172 billion in so-called triple damages. They would also like Musk and the two corporations barred from marketing Dogecoin, as well as a proclamation that trading in the virtual currency is gambling under US and New York State legislation.

Dogecoin was trading at around 5 cents on Thursday, down almost 67 percent from the beginning of 2020. It had risen to 74 cents last year after Musk wrote in support of the coin. It then lost most of its earnings after the billionaire became dissatisfied with the coin, denouncing it as a “hustle” on a televised talk show. A hustle is a scheme used to commit fraud.

Based on his ownership of the incredibly costly Tesla shares, Musk is the wealthiest person on the planet.

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