Tesla CEO Elon Musk has been sued for $258 billion for allegedly running a pyramid scheme to support 'DogeCoin' cryptocurrency.
The lawsuit was filed by Keith Johnson, a Dogecoin investor, in the federal court of Manhattan, who accused Musk, Tesla and SpaceX of running a "pyramid scheme" that reportedly drew up the prices of the cryptocurrency.
Musk, who is the CEO of both Tesla and Space X, is accused of manipulating the "Dogecoin Pyramid Scheme" for "profit, exposure, and amusement".
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint said.
"Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement," Johnson said in the complaint, reports CNBC-TV18.
The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency.
It should be noted that Musk is the richest man on the planet with a net worth of around $230 billion, according to the Bloomberg Billionaires Index.
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