Elon Musk Is Being Sued For $200 Billion As Dogecoin Lawsuit ExpandsThe Tesla and SpaceX CEO faces even more claims that his cryptocurrency was used as a "pyramid scheme."
Back in June, former dogecoin investor, Keith Johnson, filed a lawsuit againstElon Musk, claiming the Tesla and SpaceX CEO "falsely and deceptively" promoted the currency, and effectively "engaged in a crypto pyramid scheme by way of Dogecoincryptocurrency."
At the time, Johnson asked for $86 billion in damages plus $172 billion for losses incurred trading Dogecoin since 2019.
现在,该诉讼已经扩大,Reutersreported, tacking on seven new investor plaintiffs and six new defendants — including Musk's tunnel construction business, Boring Co., and "not-for-profit" organizationDogecoin Foundation.
Related:'Frightening And Dangerous Nightmare': Tesla Owner Sues in a Proposed Class Action Lawsuit
The amended suit, filed on Tuesday night, claims Musk, along with his companies Tesla, SpaceX, Boring Co., and others, raised the price ofDogecoinfor two years by over 36,000%, before eventually letting it crash and profiting at the expense of dogecoin investors.
How Much Is Musk Being Sued For?
The plaintiffs are asking for $258 billion in damages, and argue thatMuskand his companies marketed the currency as a viable investment when in reality it had no value at all.
At its peak, Dogecoin was trading for around 74 cents in May 2021. As of Wednesday, it was trading around 6 cents.
