Business Drive

Elon Musk was sued for $258bn by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency. 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 then let the price tumble. The complaint also aggregates comments from Warren Buffett, Bill Gates and others questioning the value of cryptocurrency. Johnson is seeking damages worth triple the $86bn decline in Dogecoin’s market value since May 2021.