The world's richest millionaire Elon Musk faces court charges and a $ 258 billion lawsuit by a plaintiff who is a crypto investor over allegations of running the Dogecoin (DOGE) cryptocurrency pyramid scheme.
Keith Johnson in a filing in Manhattan Federal court accused Musk of deliberately touting (hype) DOGE to raise its price then let alone the cryptocurrency when it fell.
He further commented that Musk deliberately promoted DOGE, an asset held since 2019, to make a profit despite realizing that the cryptocurrency does not have a value comparable to Bitcoin (BTC) or Ethereum (ETH).
In addition, Johnson also named Warren Buffett, Bill Gates and several others as ‘hype riders’ of cryptocurrencies.
It is understood that plaintiffs Johnson is seeking $ 86 billion in damages, representing a decline in DOGE’s market value since May 2021 and seeking a 3 -fold increase in value.
According to Johnson's attorney, Musk and his company should be barred from promoting DOGE and want judges to declare the DOGE trade as gambling under federal and New York law.
In support of the proposal, Johnson’s attorneys have cited events during which Musk appeared as a financial expert designed on a segment on Saturday Night Live and cited DOGE as his favorite.
So far, neither Musk nor Tesla nor SpaceX owned by the millionaire have issued any reaction.
Meanwhile, at the time this article was written the price of DOGE was still down 1.79% at $ 0.05 with a market capitalization of $ 7.6 billion.
