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Benzinga
Benzinga
National
AJ Fabino

Dogecoin Disaster? Lawsuit Accuses Elon Musk Of Crypto Pyramid Scheme

Elon Musk United States Dogecoin SpaceX Crypto Lawsuit Nasdaq Tesla Inc. Keith Johnson

Elon Musk, the world's richest man, and his companies, Tesla Inc (NASDAQ:TSLA) and SpaceX, are being sued for $258 billion over claims that he was involved in a Dogecoin (CRYPTO: DOGE) cryptocurrency scheme that inflated the coin's price and left investors with billion-dollar losses.

What Happened: The class-action lawsuit, Johnson v. Musk, 22-cv-05037, accuses Musk of running a crypto pyramid scheme — also known as a Ponzi Scheme — using the Dogecoin cryptocurrency, of which Musk has been a passionate supporter since 2019.

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