Elon Musk has been sued for $258 billion (£209 billion) for allegedly running a cryptocurrency pyramid scheme.
Keith Johnson, a Dogecoin investor, filed a complaint on Thursday accusing Musk of racketeering for promoting Dogecoin and driving up its price, only to see it plummet.
The complaint accused Musk of using his ‘position as the World’s Richest Man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and pleasure,’ according to the lawsuit.
Keith Johnson, claims he was “defrauded” by Tesla founder Elon Musk, who often tweeted about bitcoin last year as its value soared before collapsing.
Johnson is suing for $86 billion in damages, which he claims represents the fall of Dogecoin’s market value since May 2021, and wants the amount tripled to $258 billion.
Mr. Musk has yet to comment on the matter; before its filing, he was conducting a virtual Q&A with Twitter employees while he negotiates a $44 billion buyout.