Billionaire Elon Musk is being sued for $258B by an American citizen who claims that he was defrauded out of money. The cryptocurrency investor, Keith Johnson, stated that Elon Musk ran a pyramid scheme using the famous cryptocurrency, dogecoin.

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What is Elon Musk being accused of?

Elon Musk
Elon Musk

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Keith Johnson accused Elon Musk and his companies Space X and Tesla of unfairly inflating the price of dogecoin. The lawsuit states that Elon Musk and his companies “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.” and Elon Musk “used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”

The lawsuit also demands an order declaring the trading of Dogecoin to be considered gambling within New York and federal law.

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Keith Johnson is demanding $258 billion

Elon Musk
Elon Musk

The lawsuit refers to Keith Johnson as “an American citizen who was defrauded out of money” by the alleged “Dogecoin Crypto Pyramid Scheme”, and is suing for $86 billion in damages. He wants an additional $172 billion and wants Elon Musk and his companies to stop the promotion of dogecoin.

Fans troll the crypto influencer on social media

Fans instantly started trolling Keith Johnson as people believe that he will lose the lawsuit. Dogecoin creator Shibetoshi Nakamoto called the lawsuit “stupid as f*ck” on Twitter on Thursday while admitting that crypto trading isn’t much different from gambling.

Rahul Sood, CEO and co-founder of Irreverent Labs, called it a “stupid class-action lawsuit”. Ron Coleman, a commercial litigator and partner at Dhillon Law Group, replied to a Tweet about the news, saying that “anyone can say anything in a lawsuit.”

Elon Musk is also known as the “Dogefather”

Elon Musk
SpaceX owner and Tesla CEO Elon Musk

Elon Musk is also known as the “Dogefather” as the billionaire has enthusiastically supported the cryptocurrency in the past. The 26-page lawsuit also claims that Elon Musk got support from countless celebrities and asked them to promote the crypto coin, including billionaire Mark Cuban. According to Reuters, Dogecoin traded at over five cents on Thursday, down from its May 2021 high of over 70 cents.

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