Elon Musk, Tesla and SpaceX are Sued for Promoting Dogecoin

US investor Keith Johnson has filed a lawsuit against SpaceX and Tesla, as well as their CEO Elon Musk, for promoting the “crypto pyramid” Dogecoin (DOGE).

The plaintiff is seeking $258 billion in damages, Bloomberg has reported.

According to the lawsuit, which has been filed in Manhattan federal court:

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all.”

According to the release, Johnson seeks to represent a group of people who have lost money trading or investing in DOGE since April 2019.

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The plaintiff seeks $86 billion in damages plus triple damages of $172 billion. The investor seeks to enjoin Musk and his companies from promoting Dogecoin and to declare that trading in the crypto is a “bet.”

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