© Reuters. Elon Musk Hit With $258 Billion Cryptocurrency ‘Pyramid Scheme’ Lawsuit
Tesla (NASDAQ:) CEO Elon Musk is being sued for $258 billion in a lawsuit that claims he, and his firms, Tesla and SpaceX, are “engaged in a crypto pyramid scheme by means of dogecoin cryptocurrency.”
Reviews by the New York Submit and Bloomberg state that Musk and his firms are named within the lawsuit, with the plaintiff named Keith Johnson.
Johnson reportedly needs $86 billion in damages, in addition to triple damages of $172 billion from losses made buying and selling since 2019, and an order blocking Musk and his firms from selling Dogecoin.
Johnson is in search of to symbolize individuals who have misplaced cash investing within the cryptocurrency.
Dogecoin is at the moment buying and selling at slightly below 5 cents, effectively under its all-time excessive of 74 cents.
The court docket submitting reportedly states, “Dogecoin isn’t a forex, inventory, or safety. It’s not backed by gold, different valuable steel, or something in any respect. You’ll be able to’t eat it, develop it, or put on it.”
“It’s merely a fraud whereby ‘better fools’ are deceived into shopping for the coin at the next value,” it provides.
Musk has reportedly not but responded to the lawsuit.
By Sam Boughedda