Elon Musk is facing a $258 billion class action lawsuit over market manipulation of Dogecoin.
Bloomberg reported on 06/16/2022 that Musk and his companies are being sued over claims that they are part of a racketeering scheme involving the Dogecoin cryptocurrency. The potentially expensive lawsuit was filed by Keith Johnson, who claims that Musk, SpaceX, and Tesla were all part of a large-scale pyramid scheme designed to control the price of Dogecoin while also convincing people online that the cryptocurrency was a legitimate and sound investment. Johnson filed the lawsuit on June 16 in the Southern District Court of New York in Manhattan.
I'm not sure what the odds of this lawsuit are at succeeding but this looks pretty ugly, considering Elon lost around $100 billion last year due to the current market correction and now this. It seems that Elon's problems are catching up to him.
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