Elon Musk, SpaceX, and Tesla Sued For $258M Over Alleged Dogecoin Pyramid Scheme

Elon Musk Allegedly Involved in a Dogecoin Pyramid Scheme

There is a $258 lawsuit claiming Elon Musk, SpaceX, and Tesla are part of a dogecoin smuggling operation. After being swindled of money by Elon Musk and his alleged Dogecoin Crypto Pyramid Scheme, Keith Johnson decided to take legal action against Elon Musk and his firms. He claimed that the defendants fraudulently and deceptively assert that Dogecoin is an investment while it's worthless. Mr Johnson's case was filed on 16th June in a Manhattan federal appeals court. Mr. Johnson is looking for those who have lost cash while trading Dogecoin.

He is seeking $86B in damages, plus $172B in triple damages, and an injunction prohibiting Musk and the corporations from marketing Dogecoin and stating that the Dogecoin trade is wagering under the US and New York law. Emails requesting comments from Mr. Musk were not immediately returned. There were no immediate responses from employees of SpaceX, or from Tesla's defense advisers. Dogecoin was selling at around 5 cents on 16th June, with a year-to-date loss of almost 67%. In 2021, it reached a high of 74 cents before losing ground.

Other Lawsuits Filed Against Musk

This isn't the first time someone files a lawsuit against Elon Musk or one of his firms. There are currently about 160 cases pending against Tesla alone. As a result of his comments, the millionaire has also been sued. Tesla stockholders have also sued him in the Solar City lawsuit. Tesla's energy plant in Sparks, Nevada, is accused of spying on employees and hiding theft and drug trafficking.

In California, a previous Tesla staff member, Marcus Vaughn, filed a class-action civil lawsuit. He claimed that the corporation disregarded black workers' allegations of pervasive racism. N.L.R.B. accused Musk of breaking labor rules. They tweeted on 20th May that staff wouldn't have stock alternatives if they established unions, and the complaint was filed in August of that year. Verne Unsworth, a cave explorer, sued Musk, who said that Unsworth was a child molester and sexual predator without any proof.

Since Tesla launched in 2010, about 43 cases have been filed against it for workers' protections, 14 for deposit embezzlement, and 20 for not paying vendors or the authorities.