Elon Musk Is Being Sued By A Dogecoin Investor For More Than 245 Billion Euros

Keith Johnson, who invested in the cryptocurrency dogecoin, filed a lawsuit in Manhattan court against Elon Musk and companies Tesla and SpaceX on Thursday. He claims that the billionaire deliberately tried to increase the price of dogecoin just to let it fall. He demands $ 258 billion from Musk (over € 245 billion). The Al Jazeera portal informed about it.

"The defendant knew from 2019 that dogecoin was of no value. Nevertheless, they promoted it with the proviso that profit can be made from it," the lawsuit says. According to Johnson, Musk used his position as one of the richest people in the world to create a pyramid scheme for profit, influence and entertainment.

The document also includes statements by Warren Buffett, Bill Gates and other influential people who question the value of cryptocurrencies. The market value of dogecoin has fallen by $ 86 billion (€ 82 billion) since May 2021, for which Johnson is currently seeking compensation.

It also calls for measures to prevent Musk from further promoting the cryptocurrency. The billionaire has not yet commented on the lawsuit. In December last year, he announced on Twitter that Tesla would soon accept dogecoin as currency for part of its goods.

One short sentence was enough to increase the price of the cryptocurrency by 18% in a few hours. He eventually changed his mind and rejected the idea. He had previously announced that customers at Tesla would be able to pay with bitcoin, but nothing came of that either.