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Elon Musk Hit With $258 Billion Cryptocurrency 'Pyramid Scheme' Lawsuit

Stock Markets Jun 16, 2022 02:06PM ET
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© Reuters. Elon Musk Hit With $258 Billion Cryptocurrency 'Pyramid Scheme' Lawsuit

By Sam Boughedda

Tesla (NASDAQ:TSLA) CEO Elon Musk is being sued for $258 billion in a lawsuit that claims he, and his companies, Tesla and SpaceX, are "engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.”

Reports by the New York Post and Bloomberg state that Musk and his companies are named in the lawsuit, with the plaintiff named Keith Johnson.

Johnson reportedly wants $86 billion in damages, as well as triple damages of $172 billion from losses made trading Dogecoin since 2019, and an order blocking Musk and his companies from promoting Dogecoin.

Johnson is seeking to represent people who have lost money investing in cryptocurrency.

Dogecoin is currently trading at just under 5 cents, well below its all-time high of 74 cents.

The court filing reportedly states, "Dogecoin is not a currency, stock, or security. It’s not backed by gold, other precious metal, or anything at all. You can’t eat it, grow it, or wear it."

“It’s simply a fraud whereby ‘greater fools’ are deceived into buying the coin at a higher price," it adds.

Musk has reportedly not yet responded to the lawsuit.

Elon Musk Hit With $258 Billion Cryptocurrency 'Pyramid Scheme' Lawsuit
 

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Comments (7)
Al Mon
Al Mon Jun 23, 2022 8:14PM ET
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Greedy humans at there finest. Dont worry Elon will throw you a dollar
Robert Palumbo
Robert Palumbo Jun 16, 2022 4:11PM ET
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I think people that were in Luna have a far better case if there was one
Sidney Glover
Sidney Glover Jun 16, 2022 2:42PM ET
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@jaundiced apparently you a crypto scammer or scanned and really don't understand social security or economics for that matter. go get educated please. you are getting schooled in scams
Alan Rice
Alan Rice Jun 16, 2022 2:41PM ET
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Crypto a fraud ?? Nooooo.......
Connecticut Yankee
A_Jaundiced_Eye Jun 16, 2022 2:35PM ET
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Soooo...Crypto is a pyramid scheme? Yes, take your money out and put it in something safer. Like...SOCIAL SECURITY!!!!!!!!!!
Mousty Mousty
Mousty Mousty Jun 16, 2022 2:32PM ET
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U cant sue for being stupid its that simple
Jeff Chevalier
Jeff Chevalier Jun 16, 2022 2:19PM ET
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You're dumb enough to bet on crypto, you deserve to lose. They might as well have called it tulip bulbs.
 
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