American Keith Johnson, along with SpaceX and Tesla, accused Elon Musk of promoting the “cryptocurrency pyramid” Dogecoin (DOGE). Bloomberg writes that the plaintiff sought $258 billion in damages and damages.

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when the asset has no value,” the lawsuit filed in Manhattan federal court says.

According to the agency, Johnson has been trying to represent a group of people who have invested in DOGE or lost money trading since April 2019.

The plaintiff seeks $86 billion in damages and $172 billion in triple damages. The investor wants Musk and his companies banned from promoting Dogecoin and declares trading in this cryptocurrency a “gamble”.

Musk actively supported the meme-cryptocurrency. In April 2022, the businessman proposed to reduce the cost of the Twitter Blue subscription and allow users to pay for the premium service in DOGE.

In January, Tesla started selling products for Dogecoin. The company previously sold its electric cars for bitcoin but later abandoned that option.

Recall that in May the billionaire criticized Jackson Palmer, the co-founder of Dogecoin. Musk said the anti-spam script for Twitter the developer gave him a few years ago was poorly written.

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