A bit Doge-y

Elon musk facing a $256 Billion Lawsuit

Elon Musk is facing yet another controversy, this time it may end up costing him $256 Billion USD-ore than his current net worth. The billionaire and head of SpaceX and Tesla is being tied to a massive crypto scam that involves $DOGE.

First brought to light by a report on Fortune Musk is being sued by Keith Johnson, a U.S citizen who was defrauded by the “Dogecoin Crypto Pyramid Scheme” allegedly spearheaded by the billionaire. Johnson is representing a group of investors that seem to have been defrauded. The group is asking for an initial $86 Billion USD in damages and another fee of triple damages amounting to $172 Billion USD. Johnson is also seeking to block Musk, SpaceX, and Tesla from promoting the token anymore.

The lawsuit complains that Dogecoin has no value at all and that Musk manipulated the market by purchasing, developing, promoting, supporting, and operating Dogecoin since 2019. The lawsuit also claims that Elon solicited the aid of other celebrities, influencers, and investors to boost the price of the token, trading volume, and market cap. If this is legitimate this could indeed see Musk taking a big loss.

At the time of this writing, there hasn’t been much of a response from Elon.