Elon Caught on US$258B Dogecoin Lawsuit! Can Law Hold him Accountable?


Tesla and SpaceX CEO Elon Musk is being sued for US$258 billion by a Dogecoin investor. 

Elon Musk and controversies can’t stay apart for long. Tesla CEO is facing not one but two lawsuits. An investor of the EV Company has accused the automaker for workplace discrimination and harassment. The controversy king is also sued in a US$258 billion case for allegedly running a pyramid scheme to profit from the meme cryptocurrency. Even after this, Elon Musk has said he will keep supporting and buying Dogecoin, a cryptocurrency he has been vouching about for years.

In a complaint filed in a federal court in Manhattan last week, plaintiff Keith Johnson had accused Musk of racketeering for touting dogecoin on Twitter and driving up its price, only to let it tumble. Johnson is seeking a total of US$258 billion from Elon Musk.

Since Musk began promoting the virtual currency, investors have lost around US$86 billion, Johnson estimates, representing the decline in Dogecoin’s market value since May 2021. He would like Musk to reimburse dogecoin investors this sum, plus pay double that in damages, i.e. an additional US$172 billion, taking the total lawsuit sum to a whopping US$258 billion.

Taking to Twitter, the richest person in the world wrote, “I will keep supporting Dogecoin.” When a Twitter user suggested that if Musk supports it, he should keep buying it, the tech billionaire responded: “I am.”

Dogecoin creator Shibetoshi Nakamoto said if Dogecoin is a pyramid scheme so is the entire crypto market, stock market, commodities market, and the monetary system itself. He further went on to say that we should sue Alexander Hamilton, the founder and chief architect of the American financial system.

Nakamoto wrote, “If Dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, commodities market, and monetary system itself. Let’s sue Alexander Hamilton.” He added, “Cryptocurrency has an incredible amount of stupid stuff around it, but that’s all just related to how incredibly stupid people are. Cryptocurrency itself is just a protocol and a shared database.”

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