Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme

By Jonathan Stempel

Technology
Friday, 17 Jun 2022
7:42 AM MYT

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FILE PHOTO: Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song/

NEW YORK (Reuters) - Elon Musk was sued for $258 billion on Thursday by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.

In a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to then let the price tumble.

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STARPICKS

Symbol	Open	High	Low	Last	Chg	%Chg	Vol ('00)
HSI-CWEQ	0.165	0.165	0.145	0.145	-0.020	-12.12	1,364,557
HSI-CWEH	0.225	0.225	0.210	0.210	-0.015	-6.67	1,236,585
HSI-CWGA	0.120	0.120	0.100	0.105	-0.015	-12.50	712,237
MYEG	0.925	0.945	0.920	0.945	0.015	1.61	641,524
HSI-PWFI	0.110	0.115	0.110	0.115	0.005	4.55	464,858
HSI-PWFS	0.105	0.105	0.100	0.105	0.000	0.00	445,535
HSI-PWHB	0.085	0.090	0.085	0.085	0.000	0.00	444,509
TANCO	1.000	1.030	1.000	1.030	0.030	3.00	394,194
GAMUDA	4.750	4.790	4.720	4.770	0.030	0.63	279,786
HSI-CWC6	0.215	0.220	0.195	0.195	-0.020	-9.30	266,154
KPJ	2.780	2.810	2.750	2.750	-0.030	-1.08	252,777
SAG	0.695	0.720	0.685	0.710	0.010	1.43	228,050
YINSON	2.100	2.390	2.090	2.340	0.240	11.43	227,720
SEACERA	0.055	0.060	0.030	0.035	-0.030	-46.15	214,841
YTL	2.030	2.060	1.980	2.050	0.020	0.99	210,229

Elon Musk sued for $258 billion over alleged Dogecoin pyramid scheme