Elon Musk is one of the most enigmatic figures in both popular culture and the world of technology. The Tesla CEO is known for his eccentric tweets about Dogecoin, and most recently he got a major stake in Twitter after running a public opinion poll for the platform.

Musk often thrives on negative publicity, but a lawsuit for hundreds of billions of dollars certainly spells bad news. The richest man in the world got sued on Thursday for building and running a pyramid scheme in order to support Dogecoin.

Reuters reports the lawsuit comes from a Dogecoin investor, Keith Johnson. The plaintiff accused Musk of manipulating the market by driving the price of Dogecoin up, only to let it go down. The lawsuit accused Elon Musk of profiting off this manipulation tactic by using his influence.

Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement.

Keith Johnson’s compliant also cites comments made by influential figures such as Warren Buffett, Bill Gates and others questioning how the cryptocurrency gets valued. Reuters reported on the lawsuit, and revealed that Musk’s lawyer, Tesla and SpaceX did not “immediately respond to requests for comment.

Johnson seeks $86 billion in damages. The lawsuit wants the amount of his damages to be thrice as much, showing that the market of Dogecoin has lost a lot in value since May 2021. Johnson also wants to end Musk’s promoting of Dogecoin either directly or indirectly. He also wants the trading of Dogecoin to be declared gambling by a judge’s decree.

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Tags: Elon Musk
Nitish Vashishtha

Nitish Vashishtha is a freelance writer/news correspondent from India. He’s written content for companies like ScoopWhoop and Sportskeeda. He’s been writing about pop-culture, current affairs and pro-wrestling since 2017. While pursuing Master's in Mass Communication with a special interest in Advertising, his key areas of creativity lie in designing, content creation and creative storytelling as well as fictional writing. In his free time, he likes to create new riffs on his guitar, learning about whatever piques his interest, reading books ranging from philosophy to speculative sci-fi and enjoys watching anything HBO (Succession FTW).

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