An investor in dogecoin, a cryptocurrency that began as a joke but grew in value championed by Elon Musk, filed a $258 billion lawsuit against the billionaire and his firms Tesla and SpaceX on Thursday.
Keith Johnson, claims he lost money after investing in dogecoin. He referred to himself as an “American citizen who was cheated” by a “Dogecoin Crypto Pyramid Scheme.”
He is demanding that his application, which was filed in a New York court, be designated as a class action complaint on behalf of all people who have lost money investing in dogecoin since 2019.
According to Johnson, investors have lost $86 billion since Musk started promoting the virtual currency. He wants Musk to pay $172 billion in damages in addition to the $172 billion in compensation to investors.
According to Johnson, Musk’s advocacy of Dogecoin increased its “price, market cap, and trading volume.”
Musk is the world’s richest man with over 98 million Twitter followers. He promised that SpaceX would “place a literal Dogecoin on the literal moon,” according to one of his tweets.