Elon Musk Faces $258 Billion Lawsuit for Allegedly Defrauding Investors in Dogecoin ‘Pyramid Scheme’

Elon Musk, Tesla, and SpaceX are facing a $258 billion lawsuit over allegations they “are engaged in a crypto pyramid scheme by way of Dogecoin cryptocurrency.”

As first reported by Fortune, and per court documents reviewed by Complex, the tech mogul has been sued by Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme.”

Johnson, who looks to represent a group of investors that allegedly incurred losses from trading in Dogecoin since 2019, is seeking $86 billion in damages, in addition to triple damages of $172 billion.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Johnson said in his complaint.

This story is being updated.