Elon Musk has a lot on his plate right now, what with juggling many companies and his imminent multibillion-dollar buyout of Twitter—but he might want to make room for a little more now that he’s been struck with a significant legal issue.
According to court filings, Elon Musk is being sued for $258 billion for allegedly participating in a Dogecoin cryptocurrency pyramid scheme.
According to FortuneMag, Elon Musk, his firms Space X and Tesla, are being sued for more than $250 billion for alleged fraud. Musk was a willing participant in a racketeering plot to fund the cryptocurrency Dogecoin, according to Keith Johnson. Johnson, who was described in court documents as “an American citizen who was scammed out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” also claims that Musk and his firms conspired to increase the price of Dogecoin through an illegal racketeering scheme.
According to the lawsuit, Johnson seeks to represent everybody who has lost money trading Dogecoin since April of this year. His complaint seeks $86 billion in damages, as well as $172 billion in triple damages. Johnson also wants a court injunction prohibiting Elon Musk and his firms from promoting Dogecoin.
Finally, he wants it proclaimed that Dogecoin trading is illegal in the United States and New York. Keith Johnson stated, “Defendants erroneously and deceptively assert that Dogecoin is a legal investment when it has no value at all.”