Elon Musk, CEO of Tesla, has been sued for $258 billion for allegedly running a pyramid scheme to support Dogecoin, a cryptocurrency that has recently gained traction among investors.
A Dogecoin investor filed the lawsuit, as did Musk's companies Tesla and SpaceX. Musk also serves as the CEO of SpaceX. This comes on the heels of Elon Musk's announcement last year that he would accept Dogecoin as payment for Tesla vehicles. According to reports, in a complaint filed in federal court in Manhattan, plaintiff Keith Johnson accused Musk, electric car company Tesla Inc, and space tourism company SpaceX of racketeering for touting Dogecoin and driving up its price, only to see it plummet.