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Billionaire Keith Johnson sued Tesla CEO Elon Musk for his involvement in the Dogecoin promotion. 

Elon Musk is a popular personality because of his net worth, which makes him the top richest person in the world. In late 2019, Elon started to support Dogecoin. Elon initiated his support for Dogecoin on Twitter and later he promoted Dogecoin via interviews, which resulted in very big hype for Dogecoin. Due to the support of Elon, almost every person, who knows about crypto or Elon, started to buy & talk about Dogecoin as the best coin. 

Recently billionaire Investor Keith Johnson filed a case against Elon Musk. According to Johnson, Elon Musk promoted the Dogecoin Ponzi scheme by taking the advantage of his popularity as the richest person in the world.

Johnson is suing Tesla’s CEO for $258 million for allegedly supporting a pyramid scheme involving the meme digital currency Dogecoin. He claimed that DOGE is a “fraud that fools the great fools.”

The filed complaint stated:

“The defendants knew since 2019 that Dogecoin had no value and was still promoting Dogecoin to profit from their trade. Musk used the pedestal of himself as the richest man in the world to operate and manipulate the Dogecoin pyramid scheme for profit, exposure, and fun.”

Elon Musk manipulated Dogecoin pyramid scheme for profit: Lawsuit 1

However, no direct evidence was provided by Johnson regarding this matter but he said that he felt deceived after investment & loss in Dogecoin. 

Johnson claimed that Elon Musk promoted this meme coin via multiple tweets to bring benefits to himself. 

In response to this case, many crypto Investors said that Johnson is worried about his loss and also he is not aware of the crypto & blockchain industry & its benefits and advantages because of the volatility issues. Now here it will be interesting to see what will be public response from Tesla CEO regarding this case. 

Read also: Huobi will close its Thailand-based operations by next month

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