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Elon Musk sued for $258bn over claims he ran a pyramid scheme to promote Dogecoin

Elon Musk is facing a $258bn (PS209bn ) lawsuit over allegations that he operated a pyramid scheme in order to promote Dogecoin, a cryptocurrency.

The digital asset was created to be a joke and mock Bitcoin.

After a dramatic rise in cryptocurrency demand last year, DOGE made headlines.

Dogecoin rose from $0.004 a $0.73 in just four months – an increase of over 18,000%.

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Musk frequently tweeted about DOGE throughout this period. On the day that the coin fell, he called it a “hustle” and appeared on Saturday Night Live.

Dogecoin’s price has dropped dramatically in the last year. At the time of writing it is down 92% from its record high set last May.

He is also the world’s most wealthy man, along with SpaceX and Tesla. His companies are CEOs of SpaceX and Dogecoin.

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A New York court complaint states that Musk used his position as the world’s wealthiest man to manipulate the Dogecoin pyramid scheme in order to make profit, expose and amuse himself.

Keith Johnson, an American man who claims he was “defrauded of money” by Musk’s endorsements, is suing him.

His lawyers claim that cryptocurrency “has no value” and court filings include quotes from Bill Gates and Warren Buffett who both have questioned the worth of digital assets.

The plaintiff represents those who have lost their money using Dogecoin since 2019.

He also demands $258bn in damages and Musk, Tesla, and SpaceX be prohibited from promoting DOGE.

Tesla started accepting Dogecoin earlier this year as a method of payment for merchandise, but not electric cars.

Elon Musk – is currently taking over Twitter. He has yet to comment on this lawsuit.

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